📊 IMX/USDT Daily Update
🔎 Technical Observation:
- Price is consolidating within a large descending wedge, currently pressing against the upper trendline resistance.
- The structure shows a prolonged downtrend followed by a tightening consolidation, suggesting seller exhaustion.
- No indicators are visible on the chart to provide additional confluence.
⚠️ Key Levels:
- Resistance: Upper trendline, $0.954 (marked as "KEY LEVEL"), and $1.315 (marked as "KEY VOLUME - POINT OF INTEREST").
📉 Market Outlook:
- potentially bullish. The market is positioned for a potential breakout. A decisive close above the upper trendline would signal a bullish shift.
- A breakout could lead to a test of the $0.954 level as projected on the chart. Failure to break out may result in a move back toward the lower support trendline.
✅ Closing Note:
Watch for a high-volume breakout above the wedge for confirmation of a potential Bullish trend
💡 Trade Idea: Keep an eye on this level! If the price breaks above $0.904, it could potentially rally up to around $1.315 🚀📈
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.