IMX price rise from $1.6700 low signals end of correction
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Despite a recent 30% positive return in the last 30 days, #Immutable price trend remains stagnant in a sideways loop.
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A significant 16% surge on Wednesday failed to sustain bullish momentum, indicating substantial overhead supply.
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On the 1D chart, IMX price is moving sideways, surpassing resistance trendline pullbacks.
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Currently, $IMX price is on the rise, finding support from a trendline.
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The token's rejection near the 38.20% Fibonacci level suggests a limited chance of a sustained uptrend, indicating a possible bearish reversal toward $2.0000.
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Confirmation of a bullish trend requires a breakout from the $2.5000 area, potentially moving towards the 0.618 Fibonacci retracement resistance at $2.9700.
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According to Coingabbar Prediction, However, rejection from this area could lead to a drop towards the ascending support trendline at $2.0500.
KEY LEVELS :
RESISTANCE LEVEL : $2.9000-$4.0000
SUPPORT LEVEL : $1.6000-$0.8000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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