Price movement in the IoTex daily market has been in a steady decline over recent sessions. However, today’s trading has brought an upside rebound at a key level. Despite this, the market remains largely bearish. Let’s see what may soon occur in the market.
Price activity in the IOTX daily market has indeed seen an upward rebound. Nevertheless, the market appears largely subdued given the position of price action. The latest price candle has appeared just above a psychological support level while remaining below the middle limit of the applied Bollinger Bands (BB) indicator.
At the same time, the Stochastic Relative Strength Index (Stochastic RSI) has reached the depths of the oversold region and has delivered a bullish crossover there. The corresponding price candle to the ongoing session suggests that traders still hold on to a significant amount of recorded gains despite downward pressure.
Will IOTX Price Hit the $0.04000 Threshold?
The IoTex market retains most of the presented gains in the ongoing session, even in the 4-hour price chart. Nevertheless, price activity remains below the middle limit of the BB indicator. This places the upside retracement under considerable pressure from headwinds. The Stochastic RSI lines can still be seen rising sharply from the depths of the oversold region.
By carefully inspecting the 4-hour price chart, it can be observed that the market had a short consolidation period at the psychological level of $0.03500 before eventually pumping in the ongoing session. The magnitude of the price increase in the ongoing session may have drawn bearish attention, so traders may consider using crypto signals aimed at lower price levels around $0.03500 and below.
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