IoTeX Price Analysis: IOTX Has Discounted 60% In This Correction Phase. Is This A Fair Value?

By Brian Bollinger
December 10, 2021 Updated December 11, 2021
Best In

Trending Tokens

Earn

Telegram

Newsletter

IOTX coin

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.

TradingView Chart

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

TradingView 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.

 

                                                      

 

                                                      

 

                                                      

 

                                                      

 

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Next Story