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Cryptocurrency News Articles
Immutable (IMX) Price Breaks Out of Key Pattern – Here's Why
Oct 15, 2024 at 04:30 am
CryptoClaws, a prominent analyst, shared with his followers on X (formerly Twitter) how the IMX price recently experienced a breakout from a symmetrical triangle pattern, signaling potential bullish momentum.
Cryptocurrency analyst CryptoClaws alerted his followers on X (formerly Twitter) to the IMX price breaking out of a symmetrical triangle pattern on Friday, indicating potential bullish momentum.
As seen on the IMX chart, the price moved toward a resistance zone before pulling back to key support levels. Traders are watching this movement for future opportunities as IMX trades at critical price points.
IMX Chart Analysis: Breakout from Symmetrical Triangle A period of consolidation preceded the breakout above the upper trendline, as indicated by the symmetrical triangle formation on the IMX chart.
After this breakout, the IMX price moved into the resistance zone of $1.75 to $1.85, encountering resistance at the lower end of this range. This pattern often indicates a shift in market sentiment, with the bullish outlook suggesting the potential for higher levels to be tested again if the price recovers.
The breakout has also attracted attention due to its proximity to the 200-day Simple Moving Average (SMA), a common indicator for determining long-term trends. As the price of IMX remains below this level, the breakout and upcoming price movement will be crucial in setting the direction for the token.
Support and Resistance Levels to Watch Two main resistance levels stand out: the first at $1.75, where the price encountered resistance after its recent breakout, and a higher resistance zone at $2.50. The $1.75 resistance aligns with the 200-day SMA, making it a significant level. Any potential rally past this level could open up further upside.
On the downside, the IMX price has pulled back to a support level of $1.50. This support is currently holding, presenting a potential swing entry point. Traders may consider this opportunity, especially with a suggested stop loss of $1.35 to manage risk.
According to CryptoClaws, the pullback to $1.50 could present a swing trade opportunity, with a potential upside move toward $1.80. The trade setup appears favorable, offering a clear entry at $1.50 and a stop loss below $1.35. This setup aims for a potential rally as the price approaches the $1.75 resistance zone once again, targeting a move up to $1.80.
This swing entry would appeal to traders looking for short-term gains while managing risk effectively. The resistance zone and 200-day SMA will be key levels that traders will watch closely for a potential continuation of the breakout.
Also Read: Shocking Phishing Attack Empties Crypto Wallet – PEPE Among Stolen Altcoins! Indicators and Market Sentiment The Relative Strength Index (RSI) indicates neutral conditions at 52.49, suggesting that IMX is not considered overbought or oversold. This leaves room for further upward movement if buying pressure increases.
Meanwhile, the MACD indicator is slightly bullish, though overall relatively neutral. These indicators reflect a market that could shift in either direction, pending upcoming price action.
Recent price movements in IMX, combined with technical indicators, suggest a cautious yet optimistic outlook for traders. The breakout has brought momentum to the token, but resistance levels and support zones remain crucial areas to watch.
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