Iotex Price Analysis: Bullish Sentiment in IOTX Coin After a Critical Support Zone was Reached

• IOTX coin’s price action draws the ascending triangle pattern in the 4-hours time frame.
• At the time of writing, the IOTX coin is forming the long-legged Doji candle in the weekly time frame.
• IOTX/BTC pair price is showing weakness by 1.43% at 0.000002696 BTC.

After its all-time high, which is at $0.2611, the bears have made the grip on the Coin; then, the Coin commenced regularly falling via indicating lower-low formation in the day by day time frame chart. Now Coin has recently taken guide above the $0.09559 and bounced a bit again, showing that it is trying to change its trend.

The live data of the IOTX coin is trading in the red zone by 2.78% at $0.1113, which is a relatively weak sign for investors. Over the last 24-hours, trading volume gained 4.33% at$76.49 million. IOTX/BTC pair price is negative by 1.43% at 0.000002696 BTC. Same as IOTX/BTC pair price is moving in favour of buyers by 0.50% at 0.00003633 ETH. Currently, the IOTX coin has 0.05% market dominance in the whole cryptocurrency, and the Volume / Market Cap ratio is 0.0661.

In the 4-hours trading sessions, the IOTX coin observed the descending trendline after hitting an all-time high. Bears were extra effective than the buyers under this trendline, however a couple of trading sessions before investors succeeded to breach this trendline, and now Coin is indicating the ascending triangle ($0.118 viewed as a resistance).

Can IOTX Coin Breach Ascending Triangle to Positive Side?

Coin rebounded with heavy quantity indication after the consolidation territory in the slim horizontal territory. Recently, Coin breached 20 MA as a resistance level, and again coin buying and selling beneath the 50 and one hundred MAs, and 200 MA is under Coin’s modern-day price. If Coin breaches 50 and 100 Moving Averages, then the investing can also happen; on the different hand, it may also retest the 200 MA degree soon.

RSI has turned on the flip side from the 50 mark, and now it is at the 48 level. 50 level is vital for bears because when RSI retests 50,  sellers dumbed the coin. If investors sustain RSI  above the 50 mark, the investing may happen; on the other hand, it may dip in oversold territory. And MACD generated the bullish crossover in mid-January, and it is moving higher.

Conclusion

During the battle of buyers and sellers, Anyone can see IOTX COin stuck in the range-bound market. $0.1502 and $0.095 might be the range for further trading sessions.

Support level- $0.09663

Resistance level- $0.1518

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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