IMX Gains 26% but Faces Key Resistance Ahead
Key Takeaways
- IMX (Immutable) saw a 26% price increase in a short period of time.
- The price is currently trading within a clearly defined range between $0.37 and $0.71 USD.
- Key resistance zones are located between $0.71 and $0.76 USD.
- A pullback to $0.53 USD is possible before another upward move occurs.
- Technical indicators are showing mixed signals – caution is advised.
Strong Price Movement, But Resistance Ahead
IMX, the native token of the Immutable network, has seen strong gains in recent days. On Tuesday alone, the price surged by 20%, marking a total increase of 26% over two days. This movement was accompanied by a sharp rise in trading volume – a sign of strong market interest.
Despite this short-term momentum, the price is currently in a consolidation phase. The trading range extends from $0.37 to $0.71 USD. The upper end of this range also serves as a technical resistance level. A new upward trend could begin only if IMX breaks through this level sustainably.
Technical Analysis: Between Support and Resistance
The midpoint of the current trading range is around $0.545 USD. This level acted as both support and resistance in March. In recent days, it has been reclaimed, indicating short-term strength.
However, the Chaikin Money Flow (CMF) remains in negative territory below -0.05, suggesting capital outflows – a warning sign of potential weakness. At the same time, the Awesome Oscillator and On-Balance Volume (OBV) are giving positive signals. Both indicators suggest continued buying pressure.
Liquidity Zones and Potential Price Targets
An analysis of liquidation data shows that many liquidation levels have accumulated around $0.575 and $0.53 USD. These zones could serve as short-term price targets in the event of a pullback.
On the upside, the areas around $0.69 to $0.76 USD are considered “magnetic zones.” These price levels contain high liquidity, making them particularly attractive for market movements. A breakout above $0.71 USD could attract more buyers in the short term – although a failed attempt is also possible.
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Strategy: Take Profits and Wait for Opportunities
For traders, a clear strategy is currently recommended: take profits in the $0.69 to $0.76 USD range and watch for a potential pullback. If the price drops again to support zones like $0.53 USD, new entry opportunities could arise.
Important: The current market structure on the daily chart remains bearish. Therefore, caution is advised, especially with short-term long positions.
Our Assessment
IMX is showing short-term strength but remains in a broader sideways trend. Technical indicators are giving mixed signals. Traders should take resistance zones seriously and not count on an immediate breakout. Taking profits in upper liquidity zones is sensible. Those with a long-term belief in IMX may find attractive entry points on pullbacks. Patience and a clear plan are essential during this phase.
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