I've been interested in adding Optimism and ImmutableX to my portfolio but their price has been inflated after big run ups.
Now they are both in freefall and I'm considering an entry point.
How do you decide where to take the plunge? A certain %drop from the top or a %above bottom?
Or do you just look at previous levels as the traders always mention, Optimism is getting close to some previous tops at $1.3 for example?
Or do you get buy targets from another source?
One of the easiest ways in which you can do this is to use a SMA, if the price is below the SMA of a coin, it has remained relatively stable and you think the coin has the potential to recover then maybe it is time to consider buying the coin as it has a good enough price for you to buy, personally this is something I use with bitcoin from time to time and in theory you should be able to use a similar strategy with altcoins as well.