Wednesday, December 8

IoTex (IOTX) explodes to the upside. Time for a big correction or can we expect bigger gains?

On November 10, the price of IoTex (IOTX) jumped up 120%, and today the trend seems to want to be resumed, probably seeking to mark a new all-time high.

At the time of this writing IOTX is trading at $ 0.2463, accumulating a gain of 54.41% in the last 24 hours, and 252.62% so far this month.

With these great gains, it is one of the cryptocurrencies that currently stands out the most in the market, but what is promoting its rise? Is it feasible for it to rise more in price?

Some news that triggered the upward volatility of this token include: the keynote speech at the DeFi Live event that took place on November 10, the announcement of the integration of IoTex into the Chainlink oracle, and the chain’s quest to connect the world real with the Metaverse.

IOTX was created in 2017, with the main objective of offering a decentralized platform for human-machine interaction.

This blockchain uses a consensus called ROI-DPoS, which makes it possible to process millions of transactions. It also has an infrastructure that can connect with the Binance Smart Chain, Heco and Ethereum networks.

IoTex Technical Analysis (IOTX)

From the IOTX vs USDT chart with daily candles we see the great strength that buyers have, creating a clear short-term uptrend.

Recently, a small correction developed, but now it appears that the bulls have regained control, so a new high is likely to be reached in the next few hours / days.

However, as we will see in the next few paragraphs, the rise is already quite widespread, so caution is necessary.

Technical analysis of the Iotex daily chart (IOTX).  Source: TradingView.
Technical analysis of the daily chart of IoTex (IOTX). Source: TradingView.

Weekly chart

In the weekly time frame we observe how the price of IoTex (IOTX) reached -61.8% Fibonacci, after having made a significant decline in the past months.

It is now quite feasible that the short / medium term momentum is complete, or at least close to completion, so we could expect a new relevant pullback to begin soon.

As I usually comment, it is not a very good idea to sit and wait for sales before a bullish momentum like the one we are seeing.

But, keep in mind that after big increases, important corrections follow. Even so, a drop would only prompt purchases by those seeking discount prices to go up in favor of the main trend.

All our publications are informative in nature, so in no case should they be followed as investment advice.

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