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Cryptoknowmics 2022-07-08 13:33:31

IOTX Technical Analysis: IOTEX Prices Exceed Descending Triangle

IOTX prices jumped 15% last night, surpassing the descending triangle pattern with an engulfing candle. Will the breakout rally reach the $0.040 mark? Key technical points: IOTX prices have declined by 2.85% today. The price action shows an attempt to retest the broken trendline. The 24-hour trading volume of IoTex is $50 Million, indicating a hike of 60%. Past Performance of IOTX The bullish failure to sustain the $0.04 resistance level leads to a declining face in the IOTX prices. The correction phase forms a descending triangle pattern in the daily chart, accounting for a drop of 46% in market value. However, the buyers at the $0.023 mark form a double bottom pattern to launch the market value above the resistance trendline with a 15% jump last night. Source- Tradingview IOTX Technical Analysis Last night’s price jump comes with a boom in the trading volume, supporting the bullish sentiments for the IOTX token. Hence, the chances of the breakout rally reaching the overhead resistance at $0.04 increase. The RSI indicator shows an increase in the underlying bullishness as the slopes surpass the Halfway line and sustain in the nearly overbought zone. Hence, the indicator shows a bullish bias projecting a prolonged uptrend possibility. The MACD indicator shows the fast and slow line avoiding another bearish encounter to reclaim the positive alignment and attempts to reach the zero line. That is why the MACD indicator displays a...

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