IOTXUSDT Price Increase by 8.80%

The crypto market has been significantly bearish recently, causing notable price declines for both the IOTXUSDT market and other coins. However, the market recorded minimal price increases yesterday, and today’s trading activity has shown a more significant upside correction.

IoTex Statistics:
Current IoTex Value: $0.039
IOTX Market Cap: $368,635,980
IOTX Circulating Supply: 9,441,378,929
IoTex Total Supply: 9,441,378,933
IoTex CoinMarketCap Rank: 143

Key Price Levels:
Resistance: $0.04000, $0.05000, $0.06000
Support: $0.03500, $0.03000, $0.02500

IOTXUSDT Retreats Below the 20-Day EMA

Prices in the daily IoTex market had earlier pushed through the 20-day Exponential Moving Average (EMA) line earlier. However, headwinds caused the market to retreat below that indicator line. As a result, the upper shadow of the corresponding price candle can be seen pricing through the identified EMA curve. Nevertheless, the Stochastic Relative Strength Index (SRSI) remained projected upward in the overbought region.

Although the market has contracted, the activity on the SRSI indicator suggests that upside forces may still propel the market, bringing it to resurface above the 20-day EMA curve. Consequently, this will strengthen bullish convictions towards higher price marks, as traders may begin using more bullish crypto signals in this market.

The $0.04000 Price Level Presents Strong Resistance in the IoTex Market

Price activity in the IOTXUSDT 4-hour market can be seen to have risen past the 20, 50, and 100 EMA lines. Also, the 20- and 50-EMA curves can be seen crossing below the price action. Meanwhile, price activity in the market has been trending sideways for the past two sessions. The corresponding price candles for the past two sessions showed that the market had rebounded downward after testing the technical resistance at the $0.04000 mark.

Additionally, the SRSI lines have reached the overbought region and seem to be trending almost sideways following a crossover. At this point, if the market fails to gather favorable sentiment, the $0.04000 mark may remain unbroken, and prices may descend toward the $0.03750 mark in the meantime.

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