IMX and SAND Retest Key Breakouts – Is a Bounce Back Ahead?

Date: Thu, March 06, 2025 | 08:44 AM GMT The cryptocurrency market is experiencing strong momentum ahead of the upcoming White House crypto summit under Trump’s administration on Friday. This event has renewed investor confidence, helping Bitcoin (BTC) recover to $91K from its Tuesday low of $81K. Altcoins are following suit, with Immutable (IMX) and The Sandbox (SAND) gaining traction. Both tokens have successfully retested key breakout levels, suggesting that a significant upside move could be in the works.

Source: Coinmarketcap Immutable (IMX) $IMX recently broke out of a falling wedge pattern that had kept its price in a downward trend for weeks. The breakout occurred on February 26, when IMX surged past the wedge’s upper boundary and reached a local high of $0.76. However, as is common with breakouts, the price pulled back to retest its previous resistance-turned-support level near $0.56.

Immutable (IMX) Daily Chart/Coinsprobe (Source: Tradingview) After successfully bouncing off the breakout trendline, IMX is now trading at $0.66, confirming the breakout’s validity. The token is approaching its next major resistance levels at $0.76 and $0.86. A decisive move above these levels could trigger a rally towards the 50-day moving average and the $1.18 price zone, representing a 78% potential upside from the current price. The Sandbox (SAND) Similar to IMX, $SAND also completed a breakout from a falling wedge pattern, marking the end of its prolonged downtrend. The breakout, which occurred on March 1, pushed SAND to a local high of $0.36 before encountering retracement.

The Sandbox (SAND) Daily Chart/Coinsprobe (Source: Tradingview) Following the breakout, SAND retraced for retest to breakout trendline at $0.28, where buyers stepped in. The token has since rebounded and is currently trading at around $0.32. It is now approaching key resistance levels at $0.36 and $0.43. A decisive breakout above these levels could pave the way for a rally toward the 50-day moving average and the $0.54 price zone, representing a potential 68% gain from current levels Final Thoughts Both IMX and SAND have confirmed their breakouts by successfully retesting previous resistance levels as support. If these tokens manage to clear their immediate resistance zones and reclaim key moving averages, a strong bullish continuation could follow. As Bitcoin stabilizes above $90K and the broader crypto market strengthens, altcoins like IMX and SAND may be primed for further gains in the coming days. Traders and investors should watch for key breakout confirmations to validate the next leg of the rally. Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.