The cryptocurrency market has lost nearly $100 billion in the past 24 hours, with many coins and tokens trading in the red zone.
The cryptocurrency market has been in a bearish trend for the past few months, and things took another negative turn this week. The total cryptocurrency market cap has fallen below $900 billion, up from an all-time high of more than $2.2 trillion achieved in November 2021.
As of press time, the overall market cap is well below the $900 billion region. Bitcoin and other major cryptocurrencies have registered huge losses over the past few days.
Bitcoin is trading just above the $21k support level, while Ether risks a fall below $1,000 if the bearish trend continues.
IMX, the native token of the immutable X ecosystem, is down more than 6% in the past 24 hours. This latest development comes despite Irreversible X announcing a major partnership agreement with TurnersportsPR.
TurnersportsPR is a leading sports news brand and has platforms such as Bleacher Report, TNT and TBS.
Under the terms of the agreement, Immutable X will work with TurnersportsPR to create blockchain games for major Starkware-powered sports.
We are entering into a strategic partnership w/ @ turnersportspr Starkware to Build Blockchain Games for Major Games
TNT, TBS, the home of Turner Sports, Bleacher Report, has been innovating in web3 gaming since 2017 and we are delighted to have them innovate on the IMX L2. pic.twitter.com/ilmHd1MNmA
– irreversible | $IMX (@Immutable) 14 June 2022
prime level to watch
The IMX/USD 4-hours chart is currently very bearish as Immutable X has posted heavy losses over the past few days.
The MACD line is below the neutral zone, which indicates bearish momentum. The 14-day RSI of 36 suggests that IMX may soon enter oversold territory.
At press time, Immutable X is trading at $0.68 per coin. If the bearish trend continues, IMX may decline below the $0.55 resistance level in the next few hours.
IMX should stay above the psychological level of $0.50 in the near term unless there is a massive selloff.