The post Navigating IMX’s range formation and why profit-taking might be best for you appeared on BitcoinEthereumNews.com.

Immutable could see a dip to $0.53 before rallying to $0.71 A breakout beyond the resistance at $0.71-$0.76 might not occur on the first attempt Immutable [IMX] has rallied by 26% in two days, gaining by 20% on Tuesday alone. The move came alongside a huge surge in trading volume, signaling intense interest in the asset. Despite the quick gains and the short-term bullishness, however, IMX appeared to be consolidating after a long downtrend at press time. The $0.71 and $0.76 zones are key resistance levels that need to be flipped to support before an uptrend can be established. Until then, traders and investors can assume the range would hold. Immutable set to challenge the $0.71 resistance after a brief price dip Source: IMX/USDT on TradingView The IMX range formation extended from $0.37 to $0.71. The mid-range level at $0.545 acted as support, then as resistance, towards the end of March. Over the past couple of days the price surpassed this resistance too. The range high marked the lower high of the bearish swing structure as well. That helped explain the expectation of a reversal from the $0.71-level. Another factor was Immutable’s CMF’s negative reading. Despite the slow rally from $0.37 over the past two weeks, the CMF remained below -0.05. This seemed to be evidence of heavy capital outflows from the market. On the other hand, the Awesome Oscillator saw a bullish crossover above the zero line. The OBV also jumped above the local high from the final week of March. Together, these two argued bullish strength. Still, traders need to be wary of the $0.7 resistance due to the bearish 1-day structure. Source: Coinglass The 1-week liquidation heatmap showed that a cluster of liquidation levels have built up around the $0.575 and $0.53-levels. These were the short-term price…

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Filed under: News - @ April 24, 2025 8:26 am