IOTX Technical Analysis: Uptrend Is Aiming Above $0.11 Mark

IOTX token price rises with enormous growth in buying pressure. It may soon rise above the $0.11 mark with the newfound bullishness.

IoTeX, the decentralized backbone of machine economy, serves all types of machines, from robots to smart homes. IoTeX launched a fast, high-performing, and EVM-compatible blockchain that allows flexibility and scaling for many applications. 

Dapps and middlewares can also be built on top of the blockchain to make self-sovereign devices possible and bring real-world oracles into existence. Let us now look at the technical analysis of Iotex cryptocurrency.

Past Performance of IOTX

IOTX coin price was in a downtrend after losing to sustain above the $0.10 mark. Thus, resulting in the formation of a resistance trend line. However, the recent jump price breaks above the trend line. All thanks to the newfound demand near the $0.05 support zone. 

Source — Tradingview

IOTX Technical Analysis

IOTX crypto is currently at $0.06516 as of the writing of this article. Moreover, it has seen a fall of 13.13% within 24 hours. However, the trading indicates a fall in underlying bearishness as it falls more than 25%.

IOTX coin price breaks above the new coming downfall. It can shortly bring the price above the $0.10 mark. The increase in buying pressure is evident by the increase in trading volume. Thus, increasing the chances of a $0.10 breakout.

IoTex crypto price could increase resistance near the $0.085 and $0.10 mark that could cause a retracement. However, the support levels at $0.050 and $0.035 may increase the price with increased bullish momentum.  

The IOTX crypto is trading above all the crucial Exponential Moving Averages in the daily chart. Furthermore, the EMAs trail higher in a bullish alignment.

MACD and signal lines on the daily chart are below the zero level. However, they generate a bullish crossover. Thus, indicating a buy signal. Furthermore, the bullish histogram grows, projecting bullish growth.

The slope of the RSI indicator spikes above the central line. The recent jump of RSI slope from 39% to above 55% indicates a rise in underlying bullish pressure. 

Upcoming Trend 

As per the IoTex technical analysis, the IOTX token may show a short-term retracement to retest the bullish breakout. However, this will only increase the bullish momentum. Thus, investors can expect a bullish run for IOTX in the upcoming weeks.

   
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