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The IOTXUSDT market still appears to lack the needed participation that will likely propel the market considerably. The coin has appeared in the second spot on the crypto daily movers list. Technical indications show that the market may present short-term gains, but may not be significant. Let’s delve deeper into the market.
Key Price Levels:
Resistance: $0.05000, $0.07000, and $0.08000
Support: $0.4500, $0.3500, and $0.2500
IOTXUSDT Prints Minor Profits Below the GMMA Lines
Price action in the IOTXUSDT market has been able to print some profits even though the market stays below all the Guppy Multiple Moving Average (GMMA) lines. The last price candle on the daily chart has appeared green.
However, we could see that the price candle has an upper shadow, which suggests that downward forces are already acting on price movement. Simultaneously, the Relative Strength Index (RSI) indicator lines are rising upward out of the overbought region. Also, there are no deflections yet on the RSI indicator lines. This suggests that the upward correction may still be intact.
IOTXUSDT Price Action Closes in on a Psychological Price Level
In the IOTXUSDT 4-hour market, we can see that price action has risen past the middle limit of the Bollinger Bands indicator lines. The last price candle can be seen standing just above the middle band of the indicator while appearing green. However, the appearance of the price candle suggests that upside and downward forces are in a face-off at this point.
Also, on the live market, the mentioned price candle keeps changing from green to red, which further confirms the struggle at this point. However, upside forces seem favored, considering the position of price action in this market. This hints that traders who are making bullish speculations using crypto signals targeting price levels around $0.05500 may want to exercise caution.
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