08 December 2022 : In this article we will walk you through IoTeX price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for IoTeX, Is IOTX a good investment? IoTeX support & resistance levels etc. But before diving deep into the IOTX technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $841,153,811,989. The total trading volume stands at $36,964,374,603. Bitcoin shares 38.52 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $16,850.70 level after a decline of -1.38%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -3.02 percent reaching to $1,232.28 during the previous 24 hours.
While publishing this blog, BNB traded at $284.31, following a price change of -2.04%within the same time frame. XRP the native coin of XRP is down by -1.94 and currently trading at $0.38. Additionally, Dogecoin reached $0.096 after seeing a decline of -4.4% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of IoTeX (IOTX)
|IOTX Resistance Levels||IOTX Support Levels|
|Resistance Level 1||$0.032||Support Level 1||$0.029|
|Resistance Level 2||$0.034||Support Level 2||$0.028|
|Resistance Level 3||$0.035||Support Level 3||$0.026|
The current IoTeX price is $0.027, with a trading volume of $4,068,743.00 in the past 24-hours. Currently, IOTX is up by 0.2% since yesterday with a market capitalization of $254,874,460.00 USD.
IOTX price analysis for 08 December 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the IoTeX.
|Simple Moving Average (10)||0.031||Sell|
|Exponential Moving Average (10)||0.031||Sell|
|Simple Moving Average (20)||0.032||Sell|
|Exponential Moving Average (20)||0.032||Sell|
|Simple Moving Average (50)||0.035||Sell|
|Exponential Moving Average (50)||0.034||Sell|
The coin is going down as it break below two crucial support levels of $0.029 and $0.028. The market is not suitable for bulls and bears might take IOTX towards the next support at $0.026. While IOTX’s Williams %R indicator is at -75.51 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. RSI implying consolidation phase while trading at 43 and is trying to break out of the neutrality zone. The MACD line is standing below of the signal line after a crossover. IoTeX investors need to wait for any directional change over the daily chart.
From the technical analysis, the overall trend of the IoTeX is still bearish; however, the price action might shows an attempt a bullish reversal with its bullish engulfing candle pattern. Therefore, if IOTX manages to stay above $0.029, it can provide an excellent long opportunity for IOTX communnity.