The current situation on the IMX/USDT pair attracts attention. The price is in a correction, having pulled back to the level of $0.296 (minimum for 24h). A drop of 4.21% confirms selling pressure.
Key levels:
· EMA(20): $0.302 – the price is already below, which is the first bearish signal.
· EMA(50): $0.304 – the main barrier for growth. As long as the price is below it – the downtrend is in force.
· Daily range: $0.296 - $0.311.
Volumes are not abnormal, which rules out panic, but strong buyers are not visible yet.
Where is a possible entry point?
1. Aggressive scenario: Attempting a bounce right from the current bottom ~$0.296. Confirmation is needed on small timeframes (for example, the 'hammer' pattern) and an increase in buying volumes. The risk is high, set the stop-loss below, around $0.290.
2. Conservative scenario: We are waiting for clearer signals. The ideal point will be the price holding above EMA(50) ($0.304). This will signify a return of control to buyers and a weakening of the downward impulse.
3. Scenario of continued decline: If sellers break $0.296, the next target is the zone **$0.285-0.290. There you can look for signs of a stop in the decline for a potential entry.
Conclusion: Currently, the pair is in a risk zone for purchases. A good entry point is not the lowest price, but a confirmed reversal signal. Conservative traders should wait for a hold above $0.304. Active traders should work with small timeframes from the level of $0.296, but with minimal volume and stop-loss.
Watch the volumes at key levels and the overall market situation.
