Iotex(IOTX)/USDT Technical Analysis at a Glance
IoTex cryptocurrency appears to have to prepare for the next upcoming rally as the coin is surging remarkably. IOTX crypto enjoyed a huge surge of more than 160% in the past month and smashed the highs above $0.26. However, since then the price fell into bearish divergence but held the support levels at $0.1 strongly. After a brief consolidation, the asset is attempting to rise high breaking through the accumulation.
|Short-Term||The short term technicals suggest a minor correction could be possible as the buyer may get exhausted very soon|
|Mid-Term||The asset is following a bullish path and after reaching certain levels, it may experience some pullback for a short period|
|Long-Term||In the long term, the asset appears extremely bullish as the bulls may step in any time from now|
Additional Read: Beginners Guide to IoTex(IOTX)
IoTex (IOTX) Technical Indicators
IOTX crypto received an immense influx of liquidity of nearly 100% which uplifted the price from the consolidation. The asset fell gradually ever since it smashed its highs, no doubt it attempted to sustain at each support level but failed. The crypto after visiting one of the strong support levels close to $0.101 was expected to drain towards the lower levels adding up to another zero. But luckily, the asset flipped the bears and initiated a recovery in no time.
Relative Strength Index(RSI)
The Relative Strength Index in the short term appears to be pretty bullish as it’s following an uptrend line. But a slight divergence is being formed as the RSI is hovering just above the average levels. In the long term, the asset appears to be extremely bullish as the RSI has just flipped the bearish trend and may uplift the price above $0.2.
MACD in the short term the buying pressure appears to have to accumulate but the required volume has got depleted and hence the price is not receiving the required push. However, in the long term, the MACD indicates the ease of selling, yet the buying has yet to begin. The MACD line is on the verge to cross the signal line, indicating a huge bullish trend waiting ahead.
Both the 100 and 200 days MA is currently acting as the strong support levels. The price before visiting these levels sustained itself and initiated a consolidation. And hence a notable bull rally may be on the horizon. In the short term, the price is finding its resistance at the 200-day MA levels and support levels at the 100-day MA levels.
Bollinger bands in the short term were squeezed from the past couple of days and hence as a result the price shot up, ranging along with the upper bands. However, in the long term, the price has dropped along with the lower bands and is attempting to flip from the bearish divergence. In the upcoming days, the price may range to the middle bands initially and later towards the upper bands.
Iotex(IOTX) Price Analysis for the Week
The IOTX coin initiated the monthly trade with a consolidation. While the price aimed to break through the consolidation and jump high, it quickly fell into the bearish trap. However, the asset consolidated for a while and constantly attempted for a breakout. However, due to the negligible volume, it failed to do so.
Source: Tradingview Date: 09-12-2021 Time: 06:11pm
- The asset is attempting to break the descending channel but is facing a minor rejection at the press time.
- The rejection should not revisit the strong support levels around $0.1 in order to continue with the uptrend
- On the contrary, the surge cannot be validated with an uptrend until and unless the levels between $0.161 and $0.166 are cleared
Iotex(IOTX) Price Analysis For Today: 09 December 2021
The Iotex coin after a pretty long time has attained a market cap above $1.2 billion. With the continued surge, it may reach $1.5 billion soon. IOTX coin price today is $0.1273 with a huge jump of more than 16% in the past 24 hours. The platform received a huge influx of trading volume of nearly 97%. The market capitalization also rose more than 16% registering nearly $1.2 billion.
Where to buy IOTX token
Iotex is slowly gaining traders’ attention nowadays and hence most of the exchanges have been listed on their platform. However, if you want to buy Iotex cryptocurrency in India, CoinDCX is the best-suited platform. CoinDCX offers a smooth trading experience at affordable rates. All you need to do is download CoinDCX mobile app on your smartphone and register following very few simple steps.
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