If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true. While the indicator is increasing and is above 50, it has also generated a bearish divergence (green). This occurrence often precedes bearish trend reversals.
Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend. The most likely count suggests that the IMX price is in its upward movement’s fifth and final wave. The daily RSI supports the increase since it is above 50 and increasing.
Despite the bullish IMX price prediction, closing below $2.45 will mean the top is in. Then, the price can fall 40% to the closest support at $1.75.
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