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While Bitcoin continues to rise, so does the IOTXUSDT market and other cryptocurrencies. The crypto daily mover list has shown that this token’s price has increased by an additional 5.14%. This has caused the market to rise past some important landmarks on technical indicators, suggesting that upside forces are still gaining momentum, which will push the market further upwards.
IOTXUSDT Approaches a Strong Ceiling Around the $0.04866 Price Level
Ever since the appearance of an inverted hammer price candle on the IoTeX daily market, price action has rebounded upwards. It also appears that bullish momentum has continued to increase since then. At this point, the market stands between the 20- and 50-day and the 100- and 200-day Exponential Moving Average (EMA) curves.
Additionally, the Stochastic Relative Strength Index (SRSI) indicator lines have continued generally upwards, with the leading line now at the 100 mark of the indicator. However, the 100- and 200-day EMA curves are at a convergence point for a crossover. Consequently, this constitutes a strong barrier to price movement in this market. Already, a small upper shadow can be seen above the last price candle on the market, hinting that price action will need strong backing to break this barrier.
IOTX Price Soars Past the Technical Resistance at $0.04500 Level
The last 4-hour period in the IOTXUSDT market has presented a considerable magnitude of profit. As a result, this token now trades above all the EMA lines on this chart. The last price candle here can be seen appearing following a previous bullish session, presenting a significant bullish extension.
Additionally, all the EMA lines seem to be converging, and the Stochastic Relative Strength Index (SRSI) is maintaining a steep upward trajectory around the 70 level of the indicator. While the market has just popped through the psychological resistance at the $0.04500 mark, it appears that bulls are eyeing another higher technical resistance at the $0.05000 level.
