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

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  • 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.

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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.

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IoTeX

IoTeX price analysis: IOTX rallies high to ATH at $0.25, gaining 111 percent overnight

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  • IoTeX price analysis is highly bullish today.
  • The IOTX/USD is at an all-time high of $0.25.
  • IoTeX has emerged as a winner of the IoT blockchain race.

The IoTeX price analysis reveals the IOTX/USD is strongly bullish at the moment, and the recent uptrend started on 28th October. But IOTX skyrocketed yesterday when it rallied high to $0.215 and continues the upside today as well. At one instance yesterday, the IOTX swang as high as $0.394 but capped at $0.215.

The IoTeX has emerged as a winner of the IoT (internet of things) blockchain race, as it is the token with the highest gains right now, owing to the latest technology advances the IoTeX has been developing and launching, making it more useful for businesses and practical life, especially connecting machine-human interface.

IOTX/USD 1-day price chart: IoTeX continues to rally higher

The 1-day price chart for IoTeX price analysis shows that the token is still racing higher above $0.2 as it is trading hands at $0.25 at the time of writing. The IOTX/USD pair reports an increase in value by 111 percent over the last 24 hours and also an increase in value by 161 percent over the course of the past seven days. The market cap has improved by 117 percent, and the trading volume has increased by 1548 percent, proving the traders’ interest in the token and helping it rank at 80th position in the top 100 list.

IoTeX price analysis: IOTX rallies high to ATH at $0.25, gaining 111 percent overnight 1
IOTX/USD 1-day price chart. Source: Tradingview

The volatility has been increasing for the crypto pair from 2nd November when the Bollinger bands took on to expanding steeply and continues to diverge till today with the upper band at $0.18 representing support for the IOTX/USD pair. The moving average (MA) is present at a level of $0.1.

The IOTX/USD pair is in an overbought state right now, as the relative strength index (RSI) continues to trade in the overbought region at index 92. But the RSI now trades at a horizontal slope indicating a slow down in the buying activity after continuing to increase till yesterday, 3rd November.

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IoTeX price analysis: Recent developments and further technical indications

The 4-hour IoTeX price analysis shows that the price breakout was downwards today, but after correcting for some hours, bulls took over the price function, and the price started oscillating upwards, which still continues to the upside.

IoTeX price analysis: IOTX rallies high to ATH at $0.25, gaining 111 percent overnight 2
IOTX/USD 4-hours price chart. Source: Tradingview

The volatility on the 4-hour chart is also high as the volatility indicator shows steep divergence with the price trading above the upper limit of the indicator. The RSI continues to trade in the overbought zone on a humble upwards curve, indicating buyers gaining strength again.

Overall the technical indicators for the IoTeX price analysis are on the bullish side, with 12 technical indicators suggesting investing in the IOTX and only two indicators suggesting cashout. However, nine technical indicators stand neutral and don’t show any favor for either side.

IoTeX price analysis: Conclusion

The IoTeX price analysis shows that the crypto pair is highly volatile and bullish at this moment in time, as it is swinging high, gaining more than 150 percent value over the past week, with the steepest increment observed yesterday. Prospects are brighter for IOTX as the blockchain backing it is strong and with a proven track record for new developments and usage providing it an edge over the competition. For today we expect the IOTX/USD to continue upside and mark a higher high above yesterday’s ATH of $0.215, as the increment in price is quite substantial today.

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