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IOTX Price Analysis: IOTX Token Gains Bullish Momentum Post-Retracement

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  • IOTX token price makes a bullish engulfing candle after retracing back to the 20-day EMA.
  • IOTX trades above all the crucial EMAs, projecting bulls are overpowered.
  • The IOTX/BTC token pair trades with a gain of 18.13% at 0.000001721 BTC.
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After finding demand at the 20-day EMA today, the IOTX token price has increased more than 11%. As a result, the token price moves higher above the critical resistance level of $0.079. Moreover, as bullish momentum rises, the crypto asset may soon rise higher back to the previous trend high.

The crypto asset is above all the Exponential Moving Averages projecting the uptrend. Investors can observe these EMAs acting as support levels in the unlikely case of a bearish reversal. The recent jump in price has helped the EMAs attain bullish alignment.

Investors could observe a price jump of 20% to 30% if the price breaks above the $0.11 mark. Conversely, investors could observe a fall of the same magnitude or even worse if prices plunge dramatically.

The IOTX Token is currently trading at $0.08173, with a +17.80% market capital fall within the past day, projecting an increasing growth rate as the price is above a critical resistance level.

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The intraday trading volume of IOTX has increased by 672% in the past 24-hours, indicating a rise of interest among investors with bullish intentions.

Growing Uptrend In IOTX Price Chart

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The 4-hour price chart shows that IOTX token prices saw an increase in trading volume. Moreover, the price action continues to rise with bullish momentum. As evident by the recent formation of the bullish engulfing candlestick.

The technical analysis of IOTX price action suggests that a bullish breakout could have difficulties rising above $0.098 to $0.11. However, if prices break the 50-day EMA, the bearish tendency could drop below more than 30% to 50%.

The RSI indicator (Bullish) indicates bullish momentum once RSI crosses above the oversold zone.

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The ADX indicator signifies a boom in the momentum of the price trend.

Overall, the trend is growing in strength, and the underlying bullishness is rising, according to the ADX & RSI.

Conclusion – The IOTX token price is in an uptrend as it continues to grow with bullish momentum. If investors are interested in entering, they should wait until the coin price closes above the $0.98 or return to the 20-day EMA.

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Support – $0.069 and $0.060

Resistance – $0.98 and $0.11

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