IoTeX (IOTX) Stays on a Bearish Course

The IoTeX market has seen some positive movement in today’s trading session. As a result, the token stands as the second-best performing cryptocurrency at the time of writing. Nevertheless, this upward momentum has not been strong enough to pull the market out of its prevailing bearish trend.

IoTeX Statistics

Current Price: $0.00838

Market Capitalization: $79.69M

Circulating Supply: 9.44B

Total Supply: 9.44B

CoinMarketCap Rank: 327

Key Levels

Resistance: $0.00900, $0.01000, $0.01100

Support: $0.00800, $0.00700, $0.00600

IOTX Stays Overwhelmed

The IoTeX market on the daily chart continues to show that bullish forces remain largely overwhelmed. This reinforces the impression that upward momentum is still subdued. The most recent candle is a small, compressed green candle appearing below the 9-day Exponential Moving Average (EMA) curve.

Meanwhile, the Stochastic Relative Strength Index (SRSI) lines are starting to bend upward, signaling a potential bullish crossover as they enter the oversold region. While this hints at possible positivity, traders may need to remain cautious and wait for price action to break above the 9-day EMA before considering bullish positions.

Upside Forces in IoTeX Seem to Be Losing Ground Above the 9-Day EMA

On the 4-hour chart, price action has risen slightly above the 9-day EMA. However, it has not been able to extend far beyond it.

The latest candle is red, although it still stands above the EMA curve. At the same time, the SRSI lines have risen deep into the overbought region, where they remain merged.

Given this setup, a pullback is possible. The market may soon fall back below the 9-day EMA, signaling a continued downward retracement toward the $0.00800 support level.

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