IMX/USDT broke above a long-term descending trendline, signaling a potential trend reversal.
The price is consolidating in a support zone between 1.2114 and 1.3918, which could serve as a launch pad for further gains.
A key resistance level to watch is 1.8031, with a break above potentially signaling a continued bullish run.
The IMX/USDT cryptocurrency pair is recently showing a technical pattern change of the price and outbroke a long-term descending trendline that has limited the price rise. After this breakout it ran back up to a support zone around the levels of 1.2114 and 1.3918. It is on this range that price consolidation is considered critical as it creates a basis for a steeper uplift in the coming weeks. Looking at the market, however, it has a gain appearance which would mean that there may be a rally in progress.
https://twitter.com/Crypt0_vanguard/status/1844354796876173717 Support Zone and Price Target
Once below the downward sloping trendline the correction back to the 1.2114-1.3918 support level suggests that the market is more settled. This level could exert a bull signal which would be good for the start of an upward trend. The current support zone provides a conducive ground for buyers, whereby most analysts are likely to call for a higher price from that level.
However, at present, we’re poised to see the price break higher in a similar manner with key levels at 1.8031 with upside momentum leading to a breakdown of this level being a key resistance. If IMX/USDT is to achieve this target, it could be a sign for a bullish run to continue.
Potential for Upside Movement
Presently, there is positive expectation concerning the continuing of IMX/USDT upward movement at the chart. The breakout from the descending trendline has helped build more confidence in the market, and having consolidation around the support zone only adds to this perspective. If the price anchors at levels higher than 1.3918, there is room for a higher move to play out which might possibly test even higher resistance levels beyond the 1.8031 mark in the future.
The last technical act regarding IMX/USDT refers to the analysis of the support area of 1.2114-1.3918. This level therefore translates to a support level for the market on its way toward a possibly bullish breakout to the 1.8031 mark. Traders will probably keep an eye on this price fluctuation, as the upcoming weeks may become critical for IMX/USDT’s price.
The post IMX/USDT Eyes Major Rally After Trendline Break: Key Levels to Watch appeared first on Crypto News Land.
