The IoTeX token has experienced a notable price increase today. However, at the time of writing, the recorded gains have dwindled to just 5.04%. The market is currently consolidating, but there are signs suggesting that it may fall lower.
IOTX Statistics
IoTeX Current Price: $0.01540
Market Capitalization: $147.67M
Circulating Supply: 9.44B
Total Supply: 9.44B
CoinMarketCap Rank: 242
Key Price Levels
Resistance: $0.01800, $0.02000, $0.02250
Support: $0.01500, $0.01250, $0.01000
IoTeX May Move Further South
Price action in the IOTX/USDT daily market continues to decline. The ongoing session initially presented a strong upward rebound, but since the corresponding price candle remains below all the Moving Average (MA) lines, downward forces have exerted pressure on prices, causing a notable contraction.
Meanwhile, the Stochastic RSI lines have continued to decline into the oversold zone. Technically, this limits price movement. At this point, the market appears predisposed to further downward movement.
IOTX Downward Contraction Becomes More Evident
The IoTeX market on the 4-hour chart reveals a clear display of the earlier-mentioned downward contraction. Price action has shifted direction after testing the 50-day moving average. The resulting downward retracement has continued for the second consecutive session. Consequently, the latest price candle is now testing the technical support level at $0.01500.
Similar to the daily chart, the token is also trading below all MA lines on the 4-hour chart. In addition, the Stochastic RSI lines have formed a crossover in the overbought region. Consequently, traders can anticipate a breach of the $0.01500 support level, with the market potentially heading toward the $0.01400 mark.
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