Connect with us


Iotex price analysis: IOTX slips to $165 in a bearish slide



  • IoTeX price analysis is bearish today.
  • A loss in price has been incurred today as well.
  • The support at $169 has already fallen.

The Iotex price analysis shows that the token is trading in bears today. After hitting an all-time high on 4th November, the crypto fell spectacularly the next day, losing all the gains market during the rally towards ATH, even the price plummet further below, ever since the downtrend continues as the IOTX continues to slip down in the bearish slide.

Iotex’s sudden racing towards ATH made it a high gainer among the IoT (internet of things) tokens race, but its continued downfall after surging steeply only for two days is questionable, as we know wild swings are a part of the crypto market, but IOTX still continues looking for support.

IOTX/USD 1-day price chart: IoTeX continues looking for its supports

The 1-day price chart for Iotex price analysis shows the token is on a downtrend for a fourth day consecutively as the technical support of $0.267 followed by the support of $0.217 fell like haystacks in a single day when the price stooped down to $0.199 on 5th November. Today the price further covered a range downwards, and Iotex is trading at $0.165 at the time of writing, reporting a five percent loss over the last 24 hours, but still reports an increase of more than 40 percent in price value over the past week due to the price surge of 3rd and 4th November. The trading volume also went down by 15 percent over the last 24 hours.

Iotex price analysis: IOTX slips to $165 in a bearish slide 1
IOTX/USD 1-day price chart. Source: Tradingview

The volatility is still high for the token as the Bollinger bands show expansion, with the upper band at $267 representing resistance for the token and the lower band at $-0.042, making an average of $0.112 representing support for the IOTX token. The lower limit of Bollinger bands seeping into the negative range shows how volatile the crypto is at the moment.

The moving average (MA) has just surpassed the price level as the price continues its downfall, which is a further indication of strengthing of the bearish trend. The relative strength index (RSI) is also on a downwards curve in the upper half of the neutral zone, trading at index 56, showing more selling activity in the market for IOTX/USD pair. However, the selling pressure has slowed down on 6th November.

IoTeX price analysis: Recent developments and further technical indications

The 4-hours Iotex price analysis shows the price breakout was downwards at the start of today’s trading session following a little upwards movement of the price at the end of yesterday’s session, but bears took over again and started the day in their own favor, the downfall still continues at the time of writing.

Iotex price analysis: IOTX slips to $165 in a bearish slide 2
IOTX/USD 4-hours price chart. Source: Tradingview

As the price oscillation has slowed down from 6th November, so the volatility also started decreasing for the token, and the Bollinger bands started converging steeply yesterday, and now the upper band is present at $0.235, and the lower band is at $0.153, the average is at $0.194. As the price on the 4-hour chart is trading between the lower band and the mean average of the indicator, they represent the support and resistance levels for the IOTX/USD pair.

IoTeX price analysis: Conclusion

The Iotex price analysis shows that the token is following a downtrend despite the Ethereum and Bitcoin being bullish during this time, and Ethereum also breakthrough to the new ATH recently. However, the price fall has decreased after the steep plunge of 5th November. Traders should assume the token will continue the downside for the coming hours unless and until some support from the bullish side steps in.

News Source