Immutable- Layer 2 scaling solutions for NFT

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.

ZK rollups consist of two main components-

Off-chain batching mechanism-  It generates a cryptographic proof from a batch of transactions in compressed form that reduces the amount of data to be posted to the blockchain.

On-chain contract

Rollups allow world-class scalability by batching a large number of transactions, generating a "validity of proof" for those transactions, and then submitting that proof to an L1 smart contract. It allows 9000 NFT transfers, trades, and mints per second.

Main features of Immutable X -

It does not impose gas fees for transactions carried out on this platform.

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 350% from Oct low of $0.50.It hit a high of $2.26 and is currently trading around $2.11. The pair holds well above the short-term (21 and 55-day EMA) and long-term moving average (200-day EMA).

The near-term resistance is around $2.30, any indicative breach above will take the pair to $2.85/$3.65. On the lower side, immediate support is $1.60, and any violation below targets $1.20/$1.

Indicators ( Daily chart)

CCI(50)- Bullish

Directional movement index - Bullish

It is good to buy on dips around $1.65 with SL around $1.20 for TP of $2.85.