IOTX Technical Analysis: Bulls Taking Control with the Increase in Buying Volumes

Past Performance

On November 3, 2021, the IOTX opened at $0.07736. On November 9, 2021, it closed at $0.1072. Thus, there was a weekly change of 38.57%. Whereas, the 24-hr low was $0.09977, and the 24-hr high was $0.1503.

IOTX Technical Analysis

After a sudden spike on November 3, 2021, the price declined gradually for the next 5 days. However, now the bulls are taking control of the price by increasing the concentration of the buying volumes. Currently, IOTX is trading at 40.133, which is 24.09% higher than yesterday’s close. This is again a positive signal.

The On-Balance-Volume is showing a similar chart to the price chart. The buying volumes can be seen to increase their pressure on the price to move upwards. Thus, suggesting traders to take a long position here.

Currently, at 73.09, the RSI graph is also showing an upwards curve. It is a signal that the bulls are gaining strength once again. However, since the RSI has crossed the overbought boundary, traders may look for a trend reversal.

The MACD graph is showing the fast line and slow line moving in the positive region. It confirms the last two day’s increase in the price. Also, the histogram seems to be positive, jumping away from its regular pattern.

Day-Ahead and Tomorrow

IoTeX has recently announced a dedicated IoTeX ecosystem page coming live on the price tracking platform CoinGecko.

Moreover, the Fib numbers show that after the decline in the earlier part of the week, the IOTX price took support around the Fibonacci pivot at $0.11. Thus, the next fib level is at $0.14.

The oscillators are showing that the bulls are likely to remain in power. Thus, the traders can take a long position by keeping a target at $0.18. Moreover, to tackle the possibility of a trend reversal, they can keep the stop-loss at $0.095.