The Immutable X (IMX) token is showing signs of a potential trend reversal, according to recent technical analysis. According to the official information, the weekly chart indicates the development of a Power of 3 (PO3) structure, a pattern frequently observed at significant market bottoms.
Understanding the Power of 3 Structure
This Power of 3 structure typically consists of three distinct phases:
- accumulation
- manipulation
- expansion
Current Status of IMX
Currently, IMX is situated in the manipulation phase, trading just below the critical $0.35 level. This level is essential for validating a broader trend reversal, as it often serves as a pivotal point for price movements.
Market Monitoring and Potential Breakout
As the market continues to evolve, traders and investors will be closely monitoring IMX's price action. A successful breakout above the $0.35 level could signal the beginning of the expansion phase, potentially leading to a strong upward price movement. The ongoing developments in the IMX market will be crucial for those looking to capitalize on this emerging trend.
In a related development, Curve DAO's native token, CRV, is currently consolidating near key support levels, indicating potential price movement. For more details, see the full article here.
