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The IOTX/USDT market has undergone a downward correction since December 2024. This correction has fluctuated in intensity, with some sessions experiencing sharper price declines than others. Despite this, it is noteworthy that the token has appeared on the crypto daily losers list after recording only minimal additional losses. Let’s delve deeper below.
IoTeX Statistics
Current Price of IOTX: $0.03336
Market Capitalization: $313.18M
Circulating Supply: 9.44B
Total Supply: 9.44B
CoinMarketCap Rank: 188
Key Price Levels
Resistance Levels: $0.03500, $0.03750, $0.04000
Support Levels: $0.03300, $0.03000, $0.02700
IOTX Remains Vulnerable to Further Price Declines
The IoTeX token has experienced additional price declines in today’s trading session, bringing it to levels last seen four months ago. Price action currently sits significantly below all Moving Average (MA) indicator lines, reflecting the persistent bearish momentum.
Meanwhile, the Stochastic Relative Strength Index (RSI) lines have formed a crossover in the oversold region. However, the fact that the price remains below all MA lines dampens expectations of an imminent recovery. This bearish positioning also influences the RSI lines, which now appear tilted sideways, suggesting a lack of upward momentum. Consequently, the token’s price may continue to decline.
Headwinds Persist in the IoTeX Market
On the 4-hour chart, the IOTX market continues to show bearish dominance. Although the downward retracement has recently softened, the position of price action below all MA lines indicates that bearish forces remain strong.
The Stochastic RSI lines are seen falling deeper into the oversold region. However, their current sensitivity may hint at a gradual exhaustion of downward pressure, as the market’s recent declines have not been substantial. Despite this, traders should prepare for the possibility of the market testing the $0.03300 and potentially $0.03200 price levels.
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