IOTX Technical Analysis: Breakout of $0.25 Can Lead the Uptrend Further
IoTeX is an innovative data privacy blockchain infrastructure for the Internet of Things, and IOTX is the token that powers the IoTEX network.
IOTX doubled its price after the official announcement of their appearance at DeFi Live on Nov 10th. However, after that the prices are struggling to break above the zone near the $0.25 mark.
Let us now take a deep look into the technical analysis of IoTex.
Past Performance of IOTX
With a price jump of the IOTX coin on November 10th, the price action makes an ascending triangle in the 4-hour chart. The price is supported by the ascending trend line and the $0.25 zone acts as the resistance of the triangle.
The price consolidates between the $0.21 and $0.23 marks for the past 16 hours. However, the breakout of this short-range can decide the breakout of the triangle pattern.
IOTX Technical Analysis
A bullish breakout of the triangle pattern can result in a bull run of more than 40%, helping it to reach the $0.32 mark. However, the fallout expectations are not fatal as multiple support levels are ready to guard the bearish attacks.
As per the Pivot Points, the bull run will face resistance near the $0.30 and $0.37 marks. However, if the price shows sudden reversal, a downfall to $0.19 is possible.
The RSI slope at 56% retraces to test the central line in the 4-hour chart. Nonetheless, the slope is above the central line, reflecting solid buying pressure. Moreover, there is no major divergence between the price action and the slope. Hence, the RSI indicator gives a buy signal for the IOTX coin.
The MACD and signal lines maintain a positive alignment and show phenomenal growth in the daily chart. Moreover, the histograms reflect amazing growth in underlying bullishness. Hence, the MACD indicator gives a buy signal.
The daily chart's 50, 100, and 200 EMA rise in a bullish alignment, attracting more bullish traders. Moreover, the EMAs can act as demand zones in case of a bearish fallout.
Upcoming Trend
As per the technical analysis of Iotex, the upcoming trend of the IOTX awaits the breakout of the ascending triangle. However, the breakout of the short-range can also be an early entry point. A bullish breakout can reach the 1.618 Fibonacci level at $0.32 mark. Hence, providing a better risk-to-reward ratio for buyers.