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Crypto Express

07/19 04:02

IMX’s potential breakout faces resistance



Over the past few weeks, IMX has gained 52%, following a breakout above a descending resistance channel.

This kind of breakout typically precedes a major rally, potentially pushing price toward the channel’s peak at $0.816—or even higher—if bullish momentum holds.

But the path forward is not without obstacles. According to the Fibonacci Retracement tool, IMX is set to face significant resistance ahead.

This tool helps identify support and resistance levels based on historical price action. For IMX, two key resistance zones stand out.

The first lies at $0.632, just above the current price. This level is critical—historical data shows it acted as support before a breakdown triggered a 19% drop between the 29th and 30th of May.

The second resistance level is at $0.713. IMX’s previous attempt to break this level resulted in a drop back to $0.632.

If IMX gains enough momentum to breach both resistance levels, it could push toward the $0.816 peak.
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