IoTeX Price Analysis: IOTX Coin Forming A Cup And Handle Pattern

  • The IOTX price retest the neckline of a strong bullish pattern
  • The IOTX/BTC pair was trading at 0.000002043 BTC with a gain of 34.7%
  • The 24 hr trading volume in IOTX is $965.5 Million, indicating a 675.3% hike

The IOTX coin chart reveals an excellent opportunity for crypto investors with the formation of a Cup and Handle pattern in the daily frame. This pattern has a $0.15 neckline as its key resistance, and the price has just retested this resistance level. Therefore, the crypto traders should wait till the price provides a decisive breakout from the overhead resistance to trigger an entry opportunity. 

The IOTX coin’s price is trading higher than the EMAs 20, 50, 100, and 200, indicating a strong bullish trend.

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The RSI value(BULLISH) stands at 72, indicating a bullish sentiment about the price movement. 

The IOTX Coin Chart In The 4hr Time Frame

The IOTX coin showed a sudden price surge in its intraday session, displaying a long green candle with a 25% gain. However, the coin is currently facing some rejection from the $0.15 resistance mark, testing the patience of the coin buyers.

However, if the price managed to break out from the overhead resistance, the Fibonacci extension indicates the $0.165 mark as the nearest resistance level allowed by the $0.18 and 0.2 mark.

The moving average convergence/divergence indicator (BULLISH) shows both the MACD signal line and MACD line have just crossed above the neutral zone, indicating bullish momentum for this coin.

Conclusion: From a technical perspective, the overall trend for IOTX coins is strongly bullish, indicating a good place for trend traders seeking long entry opportunities. 

As mentioned, the coin price also shows a Cup-and-handle pattern in its technical chart, and these traders should wait for a daily candle to close above this $0.15 neckline to confirm a proper breakout.

Support– $0.13. $0.1

Resistance– $0.15

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Sahil Suresh Mahadik
Sahil focuses on Indian markets. However, as a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies. Sahil believes the crypto universe is a growing market with a plethora of hidden potential, and he wants to grow with it. Some other hobbies he has are reading books, playing Table Tennis, swimming, etc.

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