IMX Weekly Analysis Jan 28

Although IMX completed the week in a narrow range (up 0.87%), the main downtrend structure remains intact; the consolidation around $0.23 signals preparation for testing critical supports, and BTC’s bearish supertrend makes a cautious approach mandatory for altcoins.

IMX in the Weekly Market Summary

IMX closed the week at the $0.23 level with a 0.87% upward change, but the trading range narrowed extremely to $0.23-$0.24. The volume profile remained low compared to previous weeks at $10.65M, reflecting market indecision. The main trend continues as downtrend; RSI at 40.07 is under momentum pressure, MACD gives a bearish signal with a negative histogram, and the price is trading below EMA20 ($0.25). This week, for position traders, the focus shifted to confluence zones in the $0.2114-$0.2380 range. There is no significant news flow in the macro context, but BTC’s downtrend is increasing risk in altcoins. For detailed spot data, you can check the IMX detailed spot analysis page.

Trend Structure and Market Phases

Long-Term Trend Analysis

On the long-term chart, IMX is advancing in a clear downtrend structure; higher levels are confirmed with lower highs and lower levels with lower lows. The trend filter gives a bearish signal at $0.30 resistance, and the price remaining below EMA20 and EMA50 preserves the structure’s integrity. In the market cycle, the +70% drop in recent months indicates the final stage of the distribution phase; however, the small body of weekly candles may signal a transition to a basing phase. For portfolio managers, a close above $0.2380 and an impulse move toward $0.30 should be sought for trend breakdown. Until this level is reached, short-term bearish bias remains intact.

Accumulation/Distribution Analysis

Market phase analysis shows accumulation characteristics around $0.2260 in the weekly volume profile; low-volume tests in this area reflect buying interest (support score 65/100). However, distribution patterns may emerge with volume increase above $0.2380, as there is no RSI divergence and the MACD histogram is widening negatively. According to Wyckoff methodology, this narrow range could be an accumulation phase before a ‘spring’ or ‘shakeout’, but with BTC dominance increasing, broad distribution risk is high in altcoins. Position traders should monitor distribution confirmation on a breakout below $0.2114 (score 70/100); on the upside, an accumulation breakout to the $0.4344 upside objective is possible, but considering the R/R ratio.

Multi-Timeframe Confluence

Daily Chart View

On the daily timeframe, 2 support / 1 resistance confluence is visible: $0.2260 aligns with daily EMA21, $0.2114 with fib 0.618 retracement. Price has formed a tight flag pattern at $0.23; impulse is expected in the breakout direction. RSI at 40 is near oversold, but MACD bearish cross is confirmed. Follow IMX futures market data for the derivatives market. This view shows a market structure trying to hold under short-term pressure; a daily close above $0.2380 is critical for higher timeframe confirmation.

Weekly Chart View

On the weekly chart, bearish asymmetry dominates with 2 support / 3 resistance: $0.2114 in confluence with weekly low-volume node (score 70), $0.2380 forming resistance with EMA50. Market structure is within a downtrend channel with lower highs; candle formations are doji-heavy, reflecting indecision. 8 strong level confluences (1D/3D/1W) make the $0.2260-$0.2380 range an inflection point. For long-term traders, if weekly close holds above $0.23, basing phase begins; below, $0.0680 downside risk activates.

Critical Decision Points

Main supports: $0.2260 (medium-term confluence, score 65/100) and $0.2114 (strong pressure, score 70/100) – a close below these levels will accelerate downtrend momentum. Resistance point $0.2380 (score 61/100), breakout above targets $0.30 trend filter. Inflection zone $0.23; positions should be taken in the breakout direction with volume increase. Check the IMX and other analyses page for all analyses. These points should be monitored as pivots that will define the weekly strategy.

Weekly Strategy Suggestion

In Bullish Case

Weekly close above $0.2380 activates bullish scenario: First target $0.30 (trend filter), then $0.4344 upside objective (score 31). Strategy: Long positions from $0.2260 support, stop-loss below $0.2114; targeting R/R 1:3+. BTC above $89,396 should be supportive. In this scenario, accumulation phase breakout offers position growth opportunity.

In Bearish Case

Close below $0.2114 confirms bearish: Target $0.0680 downside risk (score 22). Short strategy: Entry on rejection at $0.2380, stop above $0.25; optimizing R/R. Market structure accelerates distribution upon lower low confirmation. BTC testing $88,387 pressures alts.

Bitcoin Correlation

BTC at $89,389 level in downtrend (+1.68% 24h but supertrend bearish); main supports $88,387-$84,681, resistance $89,396-$94,255. IMX is highly correlated with BTC (%0.8+); if BTC breaks below $88k, IMX $0.2114 test accelerates, altcoins in caution mode. BTC recovery above $91k triggers IMX $0.2380 breakout. Dominance increase creates distribution pressure on alts like IMX – monitor BTC movements as primary filter.

Conclusion: Key Points for Next Week

Next week focus: $0.2260-$0.2380 breakout direction, volume confirmation, and BTC $88k-$89k range. Cautious long/short approach until trend intact; downside risk high if $0.2114 not defended. Wait for confluence closes for market phase change – position traders maintain R/R discipline.