IOTX Technical Analysis: IOTEX Prices Exceed Descending Triangle 

Key technical points: 

Past Performance of IOTX

The bullish failure to sustain the $0.04 resistance level leads to a declining face in the IOTX prices. The correction phase forms a descending triangle pattern in the daily chart, accounting for a drop of 46% in market value. However, the buyers at the $0.023 mark form a double bottom pattern to launch the market value above the resistance trendline with a 15% jump last night.

Source- Tradingview

IOTX Technical Analysis 

Last night's price jump comes with a boom in the trading volume, supporting the bullish sentiments for the IOTX token. Hence, the chances of the breakout rally reaching the overhead resistance at $0.04 increase. The RSI indicator shows an increase in the underlying bullishness as the slopes surpass the Halfway line and sustain in the nearly overbought zone. Hence, the indicator shows a bullish bias projecting a prolonged uptrend possibility.

The MACD  indicator shows the fast and slow line avoiding another bearish encounter to reclaim the positive alignment and attempts to reach the zero line. That is why the MACD indicator displays an increase in the buying pressure and projects a jump to the $0.040 mark. In a nutshell, the IOTX technical analysis shows the price action going hand in hand with the technical indicators displaying a stronger bullish side.

Upcoming Trend

If the prices sustain above the resistance trendline, a price jump to the $0.04 mark seems inevitable. However, accounting for the possibility of a retest, traders can find a better entry opportunity when the prices reach the $0.025 mark.

Resistance Levels:  $0.040 and $0.050

Support Levels: $0.025 and $0.023