Immutable X (IMX) is the native token of a layer-two scalingi solution for Non-Fungible Tokens (NFTs) on the Ethereum blockchain. In today’s article, we’ll explore the Elliott Wave path taking place within the daily cycle.
Since December 2022, IMX rallied higher within a regular impulsive 5 waves structure. This move established the wave ((1)) after +900% to the upside and it reached a high of $3.76 in March 2024. Down from there, IMX started a corrective 3 waves decline within a ZigZag structure to correct the entire rally.
The coin lost 55% of its value and it managed to end the wave ((2)) after it reached the blue box area at equal legs $1.94 – $1.15. Consequently, IMX found buyers for an initial reaction higher form there and it’s expected to remain supported above April low $1.67 to continue the rally to the upside within wave ((3)) looking for an upside target at $5 .
$IMX Daily Chart 5.29.2024
Setup Recap
-Time Frame : Daily
-Entry Area : $1.94 – $1.63
-Invalidation Condition : Daily Close below $1.14
-Targets / Ratio : Target 1 at $5 (3.8 RR) – Target 2 at $7 (6.4 RR)
The following video offers a technical outlook based on $INJ Elliott Wave Daily cycle :
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