classicalzoro

$IMX bulls are catching their breath right at a critical daily demand zone.

After a massive rejection from the 0.2000 supply zone, the price has taken a heavy hit. But instead of collapsing, it has dropped directly into a major demand block.

Currently hovering right at 0.1202, the price is tapping a level that has previously acted as a launchpad to stop sellers and fuel rallies.

Zooming into the momentum, the RSI has crashed all the way down to 17.53. This is deeply oversold territory, signaling that the selling pressure is completely exhausted.

If buyers step in here to defend this floor and spark a relief rally, the next major target is a push right back up to the 0.1907 supply zone.

Lose the bottom of this demand zone, though, and the bullish thesis is invalidated, opening the door for a deeper slide toward the 0.0923 level.

The downside momentum is stretched to the limit. Bulls have a prime setup for a bounce, but they need to prove it with a strong daily close right now.
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