$IMX Has rebounded from a support zone around $0.38ā$0.42 and is approaching a major resistance zone at $0.50ā$0.52.
A resistance trendline is noted around $0.50ā$0.52, where rejection is possible unless strong bullish momentum breaks through.
Support and Resistance Levels:
Support:
Immediate support at $0.38ā$0.42, recently tested and held.
Lower support at $0.3477, the yearly low from April 7, 2025.
Resistance:
Immediate resistance at $0.50ā$0.52.
Next resistance at $0.56, with a stronger barrier at $1.24 if bullish momentum continues.
A critical resistance level lies at $1.57, which IMX must close above to signal a potential trend reversal.
Relative Strength Index (RSI):
The 14-day RSI is at 28.48, indicating oversold conditions. This suggests potential for a short-term price bounce, as oversold levels often precede reversals.
However, a downtrend in RSI on shorter timeframes (1-hour) supports continued bearish pressure unless a breakout occurs.
Moving Averages:
50-day SMA: Estimated at $0.437194 by May 15, 2025, indicating a short-term bearish trend as the current price is above this level.
200-day SMA: Projected to rise to $0.990063 by May 15, 2025, far above the current price, reinforcing the longer-term bearish outlook.
The price is below all major EMAs, a bearish signal.
Volume:
Trading volume has surged recently, with a 277.7% increase in 24-hour volume compared to the previous day.
However, volume trends remain inconsistent, with diminished volume after a price rejection at $2.5 in late 2023, pointing to waning investor interest.
Bullish Scenario: If IMX holds above $0.42 and breaks the $0.50ā$0.52 resistance with strong volume, it could target $0.56 or even $1.24 in the near term. A close above $1.57 would confirm a bullish reversal.
Bearish Scenario: Failure to break $0.50ā$0.52 could lead to a retest of $0.38ā$0.42. A break below $0.38 might push IMX toward the yearly low of $0.3477.
Not Financial Advice, DYOR!!
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