IMX would continue to decline

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IMX has formed a Wyckoff Distribution Schematic 2. It is likely that the phase E (leaving the distribution area) is happening.

Actually, IMX price has been in a falling wedge since the local high (around $1.6 in mid March). It's an organic sell.

Currently, prices are consolidating below the MA200D which is superimposed with the Fib 0.5 and also right below the resistance trendline of the wedge.

As a result, a short setup is proposed as in chart.

Final target is also a good buy zone (if IMX can reach).

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US Senate passed debt deal.
However BTC is still under resistance 27400. I'll wait to see reaction of the whole market