Although it has been accumulating some gains during the last hours, IOTX still does not manage to transition to the upside, will it continue to fall? With this analysis we find out.
At the time of this writing, the cryptocurrency IoTeX is trading at $ 0.1319, accumulating a gain of 6.37% in the last 24 hours, but maintaining a loss of 16.12% in the last 7 days.
With a market capitalization of $ 1.247 million, this coin is ranked 82nd in the Crypto Online ranking.
In case you don’t know, IoTeX is an open source project created in 2017, which built a decentralized platform that aims to enhance human-machine interaction, in an environment where these parties can interact with guaranteed trust, free will and incentivized economically.
By machines we mean devices ranging from smart home equipment to autonomous vehicles. IoTeX created a high-performance blockchain compatible with the Ethereum virtual machine, allowing middlewares and Dapps to be built on the blockchain to bring autonomous devices and real-world oracles to life.
IOTX is the native currency of this protocol and is used mainly as gas to carry out operations within the same platform.
IOTX price technical analysis
From the weekly chart of IOTX vs USDT we see that the price has kept falling back for several weeks, after having reached an all-time high of $ 0.26.
Just when the price was rising rapidly during the first half of November, here we reviewed its behavior and indicated that a major correction was likely to occur.
Now that retracement appears to have extended long enough, traversing the 61.8% Fibonacci. It is still feasible that this process extends a little more, perhaps towards 78.6% ($ 0.09).
We are seeing some bullish pressure this week, however, it is not yet confirmed that the bulls have regained control.
When the next bullish momentum begins, the price could go in search of a new all-time high. Fibonacci marks us a 1st target of $ 0.31.
Doing an analysis of the IOTX price daily time frame, we see that the short-term trend is clearly bearish, and today it appears to have made a new higher low before falling again.
A clear downtrend line worked a few hours ago as resistance. Now the price could go to look for at least support at $ 0.10.
However, if we look to the left we see that buyers are the dominant force. They are still likely to surprise us soon.
It took the bears 23 days to wrap their accumulated earnings in a single day. And those gains started right in the support that is about to visit IoTeX. Support at $ 0.10 will be a very important level to watch. A false breakout or rejection of it can be a very good early sign that bullish momentum is about to begin.
In case that support is lost, then we could see sales up to $ 0.07.
At the moment the odds are slightly tilted to the bearish side. But, this could change depending on the behavior in the drop that I expect to occur in the next hours / days.
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