#IMXUSDT Technical Analysis Achieves Target Risk Ratio 1:2 Accurately
$IMX
On July 13, 2024, a technical analysis conducted on the IMX/USDT pair indicated a strong bullish signal. Based on this analysis, several key indicators and price patterns confirmed the potential for a bullish trend continuation
On the 1-hour chart, IMX displayed a sideways price action with higher lows, indicating a potential breakout. The price broke through the resistance and reached the target of $1.51, supporting the bullish signal from the analysis on July 13.
Based on the uploaded chart, here are the potential projection scenarios:
Bullish Continuation: If IMX/USDT can sustain its momentum above the $1.51 resistance, the next target is around $1.60. Continued bullish sentiment and strong buying pressure could push the price further, potentially targeting higher resistance levels at $1.75 or even $1.80.
Pullback and Support Retest: If the price faces resistance around $1.51-$1.60, a pullback could occur. The key support levels to watch in this scenario are $1.35 and $1.30. A successful retest of these support levels could provide a good entry point for another bullish run.
Trend Reversal: If IMX/USDT fails to maintain the bullish momentum and breaks below the support levels at $1.30, a bearish trend might develop. In this case, the next support levels to watch are $1.20 and $1.13.
IMX/USDT has achieved the target RR 1:2 accurately based on the technical analysis conducted on July 13, 2024. Traders are advised to continue monitoring the next resistance level at $1.60 for potential bullish trend continuation, while also keeping an eye on key support levels for possible pullbacks.
Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. Always conduct your own research before making any investment decisions.
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