tl;dr
Immutable, a prominent layer-2 network in the NFT and blockchain gaming space, has announced the closure of its NFT marketplace. The marketplace will officially retire on August 13, with a complete redirection by September 27. The decision comes as Immutable shifts its strategy to support external p...
Immutable Marketplace to close on August 13, shifting focus to support external platforms
Immutable, a prominent layer-2 network in the NFT and blockchain gaming space, has announced the closure of its NFT marketplace. The marketplace will officially retire on August 13, with a complete redirection by September 27. The decision comes as Immutable shifts its strategy to support external platforms more effectively, aiming to nurture the growth of the Immutable ecosystem. Users' blockchain-secured assets will remain accessible via any marketplace, thanks to the Immutable Global Orderbook ensuring continuity for existing listings.
NFT market experiences significant downturn, with sales volume dropping by 66.65%
This move follows a trend of NFT market challenges, with a significant downturn in sales volume and declining floor prices for leading NFT collectibles since early 2024. According to CryptoSlam, NFT’s monthly sales volume dropped to $429.93 million in July from $1.29 billion in February. This represents a 66.65% decrease. Despite this, there was an 8% increase in Q2 2024 sales volume compared to the same period last year.
Leading NFT collectibles see significant decline in floor prices
Additionally, the floor prices of leading NFT collectibles have significantly declined. For instance, the Bored Ape Yacht Club (BAYC) floor price fell to 9.87 Ethereum (ETH), which is approximately $23,688. This is a significant drop compared to its peak of 145 ETH ($536,500) in May 2022.
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Technical Analysis: Unraveling Market Trends
In the current market landscape, we observe a strong bullish trend as indicated by the significant breakout above the key resistance level of 3500 for the S&P 500 index. The Relative Strength Index (RSI) further corroborates this bullish sentiment, hovering comfortably in the overbought territory at 70. This suggests a robust buying momentum supporting the upward price movement.
Additionally, the moving average convergence divergence (MACD) indicator exhibits a clear bullish crossover, underscoring the strengthening uptrend momentum. However, it's crucial to remain mindful of potential profit-taking or market corrections as the RSI approaches the 80 level, indicating an extremely overbought condition.
On the contrary, the technology sector faces a notable resistance near the 150 level for the NASDAQ index, potentially forming a double top pattern. This warrants vigilance for a potential trend reversal if the index fails to breach this resistance level. The MACD indicator also signals a weakening bullish momentum, emphasizing the need for cautious monitoring in this sector.
In summary, while the broader market displays a robust bullish posture, the technology sector demands a more circumspect approach. Traders and investors should remain attentive to key support and resistance levels, combined with the insights from technical indicators, to navigate the current market dynamics effectively.
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Company: Coinbase Global Inc
Description: Coinbase Global, Inc. provides financial infrastructure and technology for the crypto economy. The company is headquartered in Wilmington, Delaware.
Sector: FINANCE, FINANCE SERVICES
Market Cap: $47,079,125,000
Current Price: $33.65
Dividend Yield: None
Price/Earnings Ratio: 5.63
EPS: 18.61
Beta: 0.33
Volume: 4,495,277,000
50-Day Moving Average: $263.94
200-Day Moving Average: $3.27
Relative Strength Index (RSI): 1.083