📈 Overview:
Immutable X (IMX) is showing signs of a bullish reversal after bouncing off its long-term support zone. Currently trading around $0.7098, IMX is poised for potential upward movement.
🔍 Technical Analysis:
Support Level: $0.6500
Resistance Levels: $0.7090, $0.8000, $1.1000
Relative Strength Index (RSI): Approaching neutral territory, indicating balanced market sentiment.
Moving Averages: IMX is trading slightly below its 50-day moving average, suggesting potential for upward momentum.
📊 Trade Setup:
Entry Point: $0.7098
Stop Loss (SL): $0.6500
Take Profit (TP) Levels:
TP1: $0.7500
TP2: $0.8000
TP3: $0.9000
TP4: $1.0000
TP5: $1.1000
💡 Market Sentiment:
The recent bounce from the support zone at $0.6500 indicates renewed buying interest. A break above the immediate resistance at $0.7090 could pave the way for further gains.
⚠️ Risk Management:
Ensure proper position sizing to manage risk effectively.
Monitor market conditions and adjust stop loss and take profit levels as needed.
*Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.*