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IoTeX (IOTX) Analysis: IOTX climbs up the ladder intending to break its previous 24-hour high

Antonio K Smith by Antonio K Smith
December 21, 2021
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  • IOTX’s current market trend looks bullish after a brief bearish trend
  • The weekly performance of the token went up by 10.5%
  • The current market price of IOTX saw a rise of 7.15% since yesterday’s closing price

IOTX is currently aiming to recover its lost price from the last monthly period due to the downtrend. The token’s current market price went up after the dip. The token’s market cap went above 8.53% in the last couple of hours. The 24-hour trading volume also saw a rise of 130.58% during the same interval. The volume to market cap ratio stands at 0.123. The IOTX/BTC pair increased by a mere 0.91% during the intraday session. The IOTX/ETH value went up by 1.25% during the same time frame. 

https://www.tradingview.com/x/q1g0vxcn

The 30-minute chart explains the market sentiment of IOTX and its climb in the short term. The token stayed neutral before running up the chart to gain bullish momentum. The formation of the double bottom pattern near the recent market price confirms the current bullish trend and further positive growth in the market. The trend lines show that the token will push itself on the bullish track for some more time. The EMA lines, especially the 50 EMA, are running below the current candlestick market and provide real-time price action support.

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Oscillators projects a long-term neutral trend for IOTX

https://www.tradingview.com/x/YkIXaoAp

The MACD line on the 4-hour time frame chart is slightly running above the zero level while staying tight-knit with the signal line. The RSI graph resides in the neutral zone but risks getting into the overbought zone. Therefore, investors should observe the said indicator before trading. 

The resistance is at $0.1299, and the support is present at $0.102. 

Conclusion- IOTX to stay bullish for some more time in the shorter time frame and neutral in the long term. One may consider the token at the current price for entering and securing a long-term plan. 

Resistance- $0.1299

Support- $0.102

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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Antonio K Smith

Antonio K Smith

Antonio is a travel photographer by profession and came across the Crypto world during his profession. Since then his love, knowledge and interest towards the technology have increased. He brings his passion to create in his articles.

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