IOTX Technical Analysis: Uptrend Skyrockets Above $0.10  

Time Stamp: February 8, 2022 8:30 AM
Source Node: 1168183

IOTX Technical Analysis

The IOTX coin price shows a phenomenal rise of 30% in the past 24 hours to surpass the $0.10 mark. Will the uptrend survive to create a new all-time high? IoTeX can be described as the decentralized backbone of machine economics that serves various machines, from smart devices at home as well as autonomous cars. To achieve this, IoTeX has built and launched a high-performance, fast and EVM-compliant blockchain which offers flexibility and scalability diverse applications.  Additionally, middlewares and Dapps can be built upon the blockchain platform to enable self-sovereign devices as well as real-world oracles to life. Let us move ahead to read about IoTeX technical analysis. Past Performance of IOTX The IOTX coin price finds a sudden bullish surge as the market recovers from the early bearish days of 2022. The price action breaks above the falling wedge pattern with a 30% jump in the past 24 hours. The 170% jump in the intraday trading volume supports the bullish rise. Moreover, the price breaks above two crucial SMAs to avoid a death cross. IOTX/USD Daily Chart IOTX Technical Analysis The IOTX coin price grows by 55% in the past week with the breakout of the double bottom pattern made near the support trendline. Moreover, the price surpasses the crucial horizontal level at the $0.10 mark.  The crucial Simple Moving Averages maintain an overall bullish alignment as the price and the 50-day SMA are above the 200-period SMA. However, the 100-day SMA remains a crucial resistance for the IoTex price to cross and reinstate the uptrend. The RSI indicator shows a surge in the underlying bullishness as the price breaks above the multiple resistance levels. The slope rises into the nearly overbought zone above the 50% mark.  The MACD indicator shows the fast and slow lines striving to reach the zero line mark. The boom in buying pressure is evident by the solid uptrend of bullish histograms. Therefore, it reflects a high-momentum uptrend in action. In conclusion, the indicators project a high likelihood of a post-breakout bullish continuation for the IOTX crypto. Upcoming Trend The IOTX coin price surpasses $0.10 and continues to head higher with increasing momentum and reducing the chances of a retest. Therefore, new buyers might find a suitable entry at current prices. However, safe traders can find the breakout of 100-day SMA as an excellent opportunity. This rally can find opposition near the $0.15 and $0.18. And, on the opposite end, the support levels are at $0.090 and $0.075.  At the time of issue, the TradingView technical analysis gives a ‘BUY’ signal for the IOTX  token.

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