- IOTX Price rallied from a low of $0.03 to an ATH of $0.15 as a consequence of Coinbase listing
- The press time price of IOTX Price is $0.11 established on the back of a 66% increase in the past 24 hours
- The RSI on the 4-hour chart demonstrating extremely overbought signals
What is IOTX Coin and why is it shooting through the roof?
IOTX, also known as the Internet of Things claims to become a $1.5 Trillion market by 2025, on the basis that the products and systems that drive it are all set to become multi-billion assets.
IoTeX being a Singapore-based-tech firm, aims to solve the problem of the gigantic amounts of data that slides from our devices that companies and govt institutions exploit for their benefit. Their blockchain network has the vision to provide users with more control over their data and the opportunity to monetize the data if they give it out.
In recent events, IOTX was listed on one of the top exchanges, Coinbase Pro. The Coinbase effect alone enabled the crypto asset to pump by an overall 400%, while its market cap has risen to $1 Billion.
Can IOTX Price challenge its ATH of $0.15?
Over the daily chart of IOTX, investors can notice that the price has smashed its ATH thrice this year itself and has paved its way into the top 100 cryptocurrencies by market capitalization.
Prior to the coin base listing, IOTX price had become vulnerable to a huge crash in the broader cryptocurrency markets. However, the Coinbase effect enforced an impulsive rally, as evidenced by four enormous green candlesticks on the daily chart.
A touchdown from the overhead resistance of the macro ascending trend line highlights the fact that the massive run-up has now lost its curve. The long wick of today’s candlestick represents that the IOTX price has fallen prey to profit-booking investors. With the Daily RSI hovering inside the range of 96, the parabolic rally will now retrace back to gain some ground.
A decisive close below the $0.12 (0.786 FIB) will confirm the prevalence of the bears who will further aim for a minimal 55% downfall. This marks the exposure of the $0.05 support cushion, which is bolstered by the 20 EMA.
In addition to the extensively overbought RSI, the Stochastic RSI is on the verge of entertaining a bearish crossover. This adds credence to the bearish outlook and the possibility of the price willingly retracing by atleast 40%.
Another negative development for the IOTX price is the 4-hour candlestick failing to overcome the VWAP for around five consecutive sessions. This raises doubts about the daily candlestick closing above the price of $0.12.
While the risk of further decline continues, investors can also rely on the newfound support of $0.12, which seems to be correlated to its previous ATH. Nonetheless, the target of $0.15 seems like the climax of this impulsive wave, unless of course the crypto asset becomes manages to conquer another catalyst. On the contrary, a straightforward close above the $0.12 price will invalidate the bearish thesis.
SUPPORT : $0.12, $0.10 & $0.05
RESISTANCE : $0.15