IoTex (IOTX) Fails to Gather Bullish Traction

Although available metrics have it that the IoTex token has registered a price increase of 1.97%, the token’s price action fails to affirm that narrative. All that can be perceived on the token’s price chart is that the market is keeping to a bearish path.

IOTX Statistics

Current Price: $0.00803

Market Capitalization: $75.75M

Circulating Supply: 9.44B

Total Supply: 10B

CoinMarketCap Rank: 325

Key Levels

Resistance: $0.00900, $0.01000, $0.01100

Support: $0.00800, $0.00700, $0.00600

Only Bears Are Smiling in the IoTex Market

The IOTX market keeps to a bearish path considering the appearance of price movement. Even the ongoing session can be seen presenting downward movement after testing the ceiling at the 9-day Exponential Moving Average (EMA) line.

The Stochastic Relative Strength Index (SRSI) indicator keeps affirming that headwinds are more dominant at this point. The lines of the indicator are falling toward the 60 mark of the indicator. Therefore, headwinds are still holding sway.

IOTX May Breach the $0.00800 Support Level

With the appearance of the last price candle on an IoTex 4-hour chart comes the impression that headwinds are formidable. The last price candle here is a red and moderately sized price candle. It lacks shadows and, as such, shows that the market may be in a free fall.

Likewise, it keeps the token trading below the 9-day EMA curve, which aligns with the daily chart. Additionally, the SRSI indicator as well affirms the trend of the market. Therefore, it seems more probable that headwinds may initiate a breach of the psychological support at the $0.00800 price level shortly.

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