LDO an IMX Price Analysis as of January 26, 2024
As the Bitcoin chart shows low volatility with the price hovering around the $40,000 mark, we turn our attention to a detailed market review of altcoins Lido DAO (LDO) and Immutable (IMX) as of Friday, January 26.
Lido DAO (LDO)
After reaching a yearly high of $4.03 two weeks ago, the LDO chart initiated a correction phase, currently at a 35% decline. The asset oscillates between the support levels of $2.40β$2.63 and resistance marks at $3.01β$3.23.
Should Bitcoin maintain stability without significant downturns, LDO is poised for potential growth. This requires buyers to firmly establish above the existing resistance zone and push past the selling pressures at the $3.37 mark and the $3.55β$3.75 bracket.
On the flip side, if the downward correction persists, the coin might revisit the support zone of $2.40β$2.63, risking a new low near the $2.24 level.
LDO chart on the H4 timeframe
Immutable (IMX)
IMX's market scenario shows a pattern similar to LDO's recent behavior. The coin marked its annual high at $2.59 about a month back, followed by a 31% decline in value.
Currently, the $1.63β$1.78 range stands as a pivotal support area, validated by buyers' interest. This zone has been a battlefield for the past one and a half months, resisting sellers' attempts to break below. If this support fails, IMX could witness an accelerated drop, potentially setting a new floor of around $1.40.
To rekindle its upward momentum, Immutable needs to breach the resistance zone lying between $1.90β$2.00 and confront the seller's stronghold at $2.15. Achieving this could open doors to revisiting and possibly surpassing its local highs at $2.23β$2.35.
IMX chart on the H4 timeframe
The cryptocurrency market generally experiences subdued volatility during weekends, with a similar pattern anticipated in the coming days.
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) β a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) β the price movement between support and resistance levels, without going beyond the given range.
Π β simplified designation of one thousand dollars of the asset price (for example, 23.4K β $23,400).
Gray range on the chart β a support zone.
Red range on the chart β a resistance zone.
Correlation β the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GN Crypto:
