IMX Bearish Analysis Feb 10

IMX, approaching critical support levels within a sharp downtrend on the daily chart, is giving oversold signals as RSI declines to the 30 level; is this a short-term bounce opportunity or a trap?

Market Outlook and Current Situation

IMX is trading at the 0.15 dollar level with a 3.54% loss over the last 24 hours and is showing clear weakness in the overall market downtrend. On the daily timeframe, the price squeezed in the 0.15-0.16 dollar range shows limited activity with 4.56 million dollars in volume, taking its share from the general pressure on the altcoin market. This decline, synchronized with Bitcoin’s 1.95% drop, confirms that IMX remains below its short-term EMA20 (0.19 dollars) and that the Supertrend indicator is giving a bearish signal. Market participants are weighing whether a base will form at these levels or if a deeper correction is ahead.

Multi-timeframe (MTF) analysis identifies a total of 8 strong levels across 1D, 3D, and 1W charts: 2 supports/2 resistances on 1D, 1 support/2 resistances on 3D, and 2 supports/2 resistances confluences on 1W. These confluences reinforce the current downtrend while potentially laying the groundwork for a recovery. The decrease in volume suggests sellers are tiring, but the overall trend remains under downward pressure. Investors are closely monitoring these dynamics on IMX spot analysis platforms.

The lack of significant news flow for IMX recently keeps technical factors in the forefront. However, the delay in altcoin season and the rising Bitcoin dominance are pressuring projects like IMX. The price holding around 0.15 dollars is becoming a point of interest for short-term traders.

Technical Analysis: Levels to Watch

Support Zones

The strongest support level stands out at 0.1290 dollars (score: 76/100); this level is supported by multi-timeframe confluence on 1D and 1W timeframes and forms a strong base from historical lows. If the price slips here, a deeper bearish scenario could come into play, and a break below this level could bring the 0.0251 dollar bearish target into focus. The second critical support is at 0.1518 dollars (score: 70/100); located just below the current price, this zone shows efforts to hold above the last 24-hour lows and serves as the first test point for a potential bounce.

These support zones gain reliability by aligning with Fibonacci retracements and volume profiles. Traders should review their stop-loss strategies in case of a drop below 0.1290 dollars, as this could accelerate the downtrend.

Resistance Barriers

The short-term first resistance is positioned at 0.1618 dollars (score: 66/100); this area forms a barrier aligned with the Supertrend resistance at 0.21 dollars due to its proximity to EMA20. Breaking above here could signal a short-term recovery, but it may not be sustainable without increased volume. The longer-term resistance is at 0.3651 dollars (score: 61/100); this level is reinforced by confluences on the 3D chart and poses a significant obstacle on the path to the bullish target of 0.2694 dollars.

The strength of resistances is increasing with the current bearish momentum; rejection is likely if the price tests 0.1618 dollars. Concentrated open interest around these levels in the IMX futures market could increase volatility.

Momentum Indicators and Trend Strength

RSI(14) at 30.20 points to the oversold region, carrying potential for divergence or a bounce; however, in a downtrend, these signals often turn out to be traps. The MACD histogram is widening in the negative zone, confirming bearish momentum, and staying below the signal line indicates trend strength still favors sellers. In the EMA hierarchy, the price being below EMA20 (0.19 dollars), EMA50, and EMA200 reinforces the short-to-medium-term bearish structure.

The Supertrend indicator gives a bearish signal, while ADX (average directional index) around 25 shows medium trend strength; this increases the likelihood of the downtrend continuing but leaves room for reversal as it is not overly strong. Bollinger Bands contraction signals volatility squeeze, suggesting consolidation before a big move. Overall, momentum is bearish, but oversold conditions offer a balanced outlook.

Risk Assessment and Trade Outlook

The risk/reward ratio, calculated between the bullish target of 0.2694 dollars (low probability, score 6) and bearish 0.0251 dollars (high probability, score 22), looks attractive for short positions from current levels; however, due to RSI oversold, longs should wait for confirmation above 0.1290 support. With low volatility, sudden BTC moves could increase risk. Position sizes should be limited with stop-losses, and risk management should be prioritized.

The overall outlook is bearish-weighted; if the price fails to break 0.1618 resistance, the downtrend continues. In a bullish scenario, upside to 0.2694 may remain limited, while a bearish breakdown makes testing 0.1290 critical. Traders should make decisions by monitoring MTF confluences; the market has shifted from neutral to bearish.

Bitcoin Correlation

IMX shows high correlation with Bitcoin and is directly affected by BTC’s downtrend; as BTC weakens with a 1.95% drop from 68,940 dollars, pressure on IMX increases. BTC supports at 69,297, 65,786, and 62,274 dollars; holding here could give IMX breathing room, while breaks could trigger altcoin selling. Resistances at 70,827, 77,936, and 85,375 dollars; BTC’s Supertrend bearish signal sustains pressure toward IMX’s 0.1290 support.

As BTC dominance rises, altcoins are disadvantaged; IMX recovery requires BTC close above 70,000. This correlation makes monitoring BTC levels mandatory in IMX spot and futures positions.