IMX / TetherUSShort
TradeCityPro | IMXUSDT Potential 30% Drop
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Let’s take a look at today’s altcoin on this market holiday, especially for those holding IMX, as it might experience a drop once the market reopens.
Before starting the analysis, as always, let's first check Bitcoin. On the 1-hour timeframe, Bitcoin dropped last night after getting rejected at 105,939, making a sharp move down to support at 101,654, where it is currently holding.
Along with this drop, Bitcoin dominance also fell, preventing altcoins from experiencing significant losses. However, as Bitcoin ranges at this support, its dominance is rising, which is causing altcoins to drop. If this trend continues, altcoins will likely undergo a deeper correction.
I personally plan to open a short position if 101,654 breaks, but I will secure profits quickly and exit fast. On the other hand, if Bitcoin breaks 102,571, I will enter a risky stop-buy long position, as I believe its movement to the upside could be as sharp as its previous drop, and I will set a logical stop-loss.
📉 Weekly Timeframe
Looking at the IMX weekly chart, we see that compared to 2023, it is holding a higher low, which is a bullish sign. However, the fake breakout and rejection at 1.817 led to a return inside the range, and sellers are now attempting to break the range low.
Let’s also talk about the candlestick pattern I highlighted on the chart. I’ve personally seen this pattern many times—it typically appears at the end of a trend and signals a potential reversal. I will discuss it more in the future, but for now, just take note of this behavior.
Additionally, after last week’s candle, IMX is trying to close below the key weekly support and range low at 1.084. If this breakdown is confirmed, it would signal a range breakdown, leading to a bearish correction towards the next major support at 0.764, which would be a 30% drop.
I do not hold IMX, but if I did, my approach would be to exit my holdings upon a weekly close below this level, regardless of whether I was in profit or loss. I would only re-enter if the price reclaimed the range or formed a clear trigger for a new buy position.
📊 Daily Timeframe
IMX is currently sitting on a major support level, which has consistently pushed the price upward in previous attempts. However, this support is showing signs of weakening.
If this level breaks, we will likely see a sharp drop towards 0.764. Given the importance of this level, it’s essential to monitor both bullish and bearish signals. If we see signs of weakness in the bearish trend, it could signal a buy trigger.
However, these triggers require momentum—I will not buy just because the price is sitting on a strong support level. Instead, I will wait for either a fake breakdown or a lower timeframe range breakout before considering a buy. One possible entry trigger could be the breakout of the trendline at 1.252.
⏳ 4-Hour Timeframe
IMX is currently breaking below the 1.061 support, which is a key weekly level. Because this is a high-volatility zone, it’s important to use a logical stop-loss when entering positions to avoid being stopped out unnecessarily.
📉 Short Position Trigger
the trigger is already active, so a short entry is possible. However, if the price lingers in oversold conditions for too long or takes too long to move downward, I recommend securing profits quickly—also keep in mind that it’s Saturday, so consider reducing your risk exposure.
📈 Long Position Trigger
there is no clear trigger yet unless we see a fake breakdown or a sharp recovery back to 1.252, after which a long entry would be valid. If this scenario plays out, there’s no need to feel FOMO, as strong momentum entering the market will provide multiple trading opportunities.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
Let’s take a look at today’s altcoin on this market holiday, especially for those holding IMX, as it might experience a drop once the market reopens.
Before starting the analysis, as always, let's first check Bitcoin. On the 1-hour timeframe, Bitcoin dropped last night after getting rejected at 105,939, making a sharp move down to support at 101,654, where it is currently holding.
Along with this drop, Bitcoin dominance also fell, preventing altcoins from experiencing significant losses. However, as Bitcoin ranges at this support, its dominance is rising, which is causing altcoins to drop. If this trend continues, altcoins will likely undergo a deeper correction.
I personally plan to open a short position if 101,654 breaks, but I will secure profits quickly and exit fast. On the other hand, if Bitcoin breaks 102,571, I will enter a risky stop-buy long position, as I believe its movement to the upside could be as sharp as its previous drop, and I will set a logical stop-loss.
📉 Weekly Timeframe
Looking at the IMX weekly chart, we see that compared to 2023, it is holding a higher low, which is a bullish sign. However, the fake breakout and rejection at 1.817 led to a return inside the range, and sellers are now attempting to break the range low.
Let’s also talk about the candlestick pattern I highlighted on the chart. I’ve personally seen this pattern many times—it typically appears at the end of a trend and signals a potential reversal. I will discuss it more in the future, but for now, just take note of this behavior.
Additionally, after last week’s candle, IMX is trying to close below the key weekly support and range low at 1.084. If this breakdown is confirmed, it would signal a range breakdown, leading to a bearish correction towards the next major support at 0.764, which would be a 30% drop.
I do not hold IMX, but if I did, my approach would be to exit my holdings upon a weekly close below this level, regardless of whether I was in profit or loss. I would only re-enter if the price reclaimed the range or formed a clear trigger for a new buy position.
📊 Daily Timeframe
IMX is currently sitting on a major support level, which has consistently pushed the price upward in previous attempts. However, this support is showing signs of weakening.
If this level breaks, we will likely see a sharp drop towards 0.764. Given the importance of this level, it’s essential to monitor both bullish and bearish signals. If we see signs of weakness in the bearish trend, it could signal a buy trigger.
However, these triggers require momentum—I will not buy just because the price is sitting on a strong support level. Instead, I will wait for either a fake breakdown or a lower timeframe range breakout before considering a buy. One possible entry trigger could be the breakout of the trendline at 1.252.
⏳ 4-Hour Timeframe
IMX is currently breaking below the 1.061 support, which is a key weekly level. Because this is a high-volatility zone, it’s important to use a logical stop-loss when entering positions to avoid being stopped out unnecessarily.
📉 Short Position Trigger
the trigger is already active, so a short entry is possible. However, if the price lingers in oversold conditions for too long or takes too long to move downward, I recommend securing profits quickly—also keep in mind that it’s Saturday, so consider reducing your risk exposure.
📈 Long Position Trigger
there is no clear trigger yet unless we see a fake breakdown or a sharp recovery back to 1.252, after which a long entry would be valid. If this scenario plays out, there’s no need to feel FOMO, as strong momentum entering the market will provide multiple trading opportunities.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
💥 Don’t Miss Out!
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🏆 Best Crypto Exchange: bit.ly/tcpbit
🤵 Business Contact: Tradecityproteam@gmail.com
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🏆 Best Crypto Exchange: bit.ly/tcpbit
🤵 Business Contact: Tradecityproteam@gmail.com
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.
💥 Don’t Miss Out!
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🏆 Best Crypto Exchange: bit.ly/tcpbit
🤵 Business Contact: Tradecityproteam@gmail.com
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🏆 Best Crypto Exchange: bit.ly/tcpbit
🤵 Business Contact: Tradecityproteam@gmail.com
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.