IoTeX Price Analysis: IOTX Has Discounted 60% In This Correction Phase. Is This A Fair Value?
The IOTX coin showed a significant correction phase in its price, where it lost around 60% of its value. However, the price is currently at a crucial support level which can initiate a recovery phase. Moreover, the IOTX is quite active with its partnership with some other projects like Cartesian, Covalent, IoTeXPad, Swash, and Blade Warrior, trying to make their platform more effective.
Key technical points:
- The IOTX coin daily RSI showed a steady downfall in its value
- The 100-day EMA provides good support to the IOTX price
- The intraday trading volume in the IOTX coin is $288.6 Million, indicating a 134.5 gain.
Source- IOTX/USD chart by Tradingview
The IOTX coin went under a moderate correction phase for the second half of November, making it lose 60% from the All-Time High of the $0.263 mark. The coin price is plunged to the $0.1 mark or 0.786 Fibonacci retracement level, where it took a few days to sustain above this support.
Today the coin is up by 10.7% in its intraday session, trying for a bullish reversal from this support. Moreover, the IOTX price is trading above the trend defining 100 and 200 EMA, maintaining the bullish sentiment.
The Relative Strength Index(46) reached the oversold zone during the retracement phase in price action. Moreover, the RSi line is fairly supportive of the current bounce back.
IOTX/USD 4-hour Time Frame Chart
Source- Tradingview
A descending trendline was leading this correction phase in IOTX. However, today the price gave a bullish breakout from this resistance, indicating an additional confirmation for the long traders.
However, there’s another significant resistance of $0.14, just above the price with a confluence of the 200 EMA, and therefore, the safe traders can wait for the price to breach this level as well before entering a long trade.
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