$IMX MX/USDT Analysis: Key Levels to Watch

$IMX X/USDT is currently testing the lower boundary of a descending triangle on the weekly chart,

a critical level that traders are closely monitoring.

This area serves as a make-or-break zone for the pair.

Scenario 1: Bounce Expected

Support Zone: If $IMX holds at this support level, a bounce could drive prices higher.

Upside Potential: A breakout above $X (provide specific resistance level if known) could signal bullish continuation,

targeting $Y and beyond.

Volume Confirmation: Watch for increased buying volume to confirm the breakout.

Scenario 2: Breakdown Risks

If support fails, the next key level to watch would be $Z (next major support).

Failure to reclaim the trendline could lead to further downside.

Trader's Next Move

1. Set Alerts: For both breakout and breakdown levels.

2. Risk Management: Place stop-loss orders just below the lower border for a long position or above the upper border for a short entry.

3. Wait for Confirmation: Enter positions only after candlestick confirmation (e.g., a bullish engulfing pattern).

Focus on market sentiment and key fundamentals like upcoming news or updates for ImmutableX that might influence price action. Trade with caution.

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