🎉 Happy Nowruz!
🔍 Let's delve into IMX Coin in the daily timeframe for analysis.
📈 In the daily timeframe, after a long-term bullish trend across all timeframes, this coin has reached near its all-time high (ATH), or better to say, it has set a new ATH since its listing on the exchange.
📊 Currently, after hitting resistance at 3.5336, we are undergoing a correction phase, indicated by decreasing volume, which signifies the health of the bullish trend. Additionally, we observe a daily corrective trend.
💰 These trends require another entry point for confirmation, as they lead to a change in trend in this timeframe. After the trend break and the breach of the 2.5452 support line, the possibility of further downward movement increases, allowing for short positions to be opened in lower timeframes.
🚀 Moreover, these trends typically have a pullback after breaking a support level, and upon supporting the trend and breaking the 3.5336 resistance, there's potential for opening long positions.
⚡️ The 0.786 Fibonacci retracement level also serves as a crucial area of support. If the price rebounds after breaking the trend and establishes a new price zone, it could indicate favorable buying opportunities for this coin.
🔄 Confirmation will be achieved after rising above the trend line and an increase in volume, indicating the continuation of the trend or the start of a new bullish wave.
💼 Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
🔍 Let's delve into IMX Coin in the daily timeframe for analysis.
📈 In the daily timeframe, after a long-term bullish trend across all timeframes, this coin has reached near its all-time high (ATH), or better to say, it has set a new ATH since its listing on the exchange.
📊 Currently, after hitting resistance at 3.5336, we are undergoing a correction phase, indicated by decreasing volume, which signifies the health of the bullish trend. Additionally, we observe a daily corrective trend.
💰 These trends require another entry point for confirmation, as they lead to a change in trend in this timeframe. After the trend break and the breach of the 2.5452 support line, the possibility of further downward movement increases, allowing for short positions to be opened in lower timeframes.
🚀 Moreover, these trends typically have a pullback after breaking a support level, and upon supporting the trend and breaking the 3.5336 resistance, there's potential for opening long positions.
⚡️ The 0.786 Fibonacci retracement level also serves as a crucial area of support. If the price rebounds after breaking the trend and establishes a new price zone, it could indicate favorable buying opportunities for this coin.
🔄 Confirmation will be achieved after rising above the trend line and an increase in volume, indicating the continuation of the trend or the start of a new bullish wave.
💼 Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
