Immutable - Blockchain for Layer 2 solutions

Immutable X is the first layer-two (L2) scaling solution for non-fungible tokens (NFTs) on Ethereum, with instant trading, massive scalability, and zero gas fees for minting and trading, all without compromising user or asset security.

Immutable zkEVM is the first of its kind - a chain for games that offers EVM compatibility, low cost, massive scale, and Ethereum security.

"Layer 2" is a term used to describe mechanisms that process batches of transactions independently of layer 1 and only periodically report them to the main chain.

Main features of Immutable X -

It does not impose gas fees for transactions carried out on this platform. They are charged when assets are traded on the partner marketplace.

It supports ERC-20 and ERC-721  tokens.

It is a platform  that provides  layer 2 solutions on the Ethereum

IMXUSD prices surged more than 10% in the past two days. It hit a high of $1.4745 and currently trading around $1.4568. The pair is holding well above the short-term (21 and 55-day EMA) and long-term moving average (200-day EMA).

The near-term resistance is around $1.55, any indicative breach above will take the pair to $1.85/$2.15/$2.60/$3. On the lower side, immediate support is $1.30, and any violation below target is $1/$0.80.

Indicators ( Daily chart)

CCI(50)- Bullish

Directional movement index - Bullish

It is good to buy on dips around $1.40 with SL around $1 for TP of $3.