Date: Mon, February 17, 2025 | 01:20 PM GMT
The cryptocurrency market has been showing mixed signs of recovery after weeks of correction, with notable altcoins attempting to regain lost ground. Bitcoin dominance has dropped by 1.94% over the past week, now sitting at 60.48%, suggesting that altcoins might be preparing for a rebound.
Amid this, Ronin (RON) has gained traction with a impressive 18% weekly gain, narrowing its 60-day correction to 35%. Meanwhile, Immutable (IMX) appears to be mirroring Ronin’s move, showing signs of a rebound after a 44% pullback.
Source: Coinmarketcap Ronin (RON)
Looking at the weekly chart, RON has been trading within a falling wedge pattern since March 2024. The recent correction saw the price drop sharply from the upper resistance trendline at $2.51 (Dec 16, 2024) down to $0.93, where it successfully tested the lower support trendline of the wedge.
Ronin (RON) Weekly Chart/Coinsprobe (Source: Tradingview) However, RON has bounced back strongly, currently trading at $1.32. This recovery suggests an attempt to reclaim the upper wedge resistance and the 200-day SMA.
If RON manages to break out of the wedge and confirm a retest, it could signal the start of a strong bullish rally.
Immutable (IMX)
Similar to RON, Immutable (IMX) has also been consolidating within a falling wedge since March 2024. The recent correction pushed IMX from the upper resistance at $2.24 (Dec 02, 2024) down to $0.65, where it tested the lower support trendline of the wedge.
Immutable (IMX) Weekly Chart/Coinsprobe (Source: Tradingview) Following this, IMX has rebounded to $0.86, and if it maintains the momentum seen in RON, it could push toward the upper wedge resistance and the 100-day SMA. A successful breakout and retest of the wedge could trigger an upward trend.
What’s Next?
Both RON and IMX have made strong bounces from key support levels and are now approaching major resistance trendlines of their respective falling wedge patterns. However, their breakout potential will largely depend on the broader market conditions—particularly Bitcoin’s dominance and overall sentiment.
If altcoins continue to gain strength and Bitcoin stabilizes, a confirmed breakout from these wedges could lead to a significant rally for both RON and IMX.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.
