- IOTEX(IOTX) price is trading at $0.01877 with an advance of +0.64% in the last 24 hours.
- The current ranking for IOTEX(IOTX) on CoinMarketCap is #145.
- Current Open Interest for IOTEX(IOTX) is $4.58M resulting in decline of -6.97% in the last 24 hours.
The current circulating supply of IOTEX(IOTX) is 9,446,118,385 with a maximum supply of 10,000,000,000 IOTX resulting in fully diluted market cap of $188,564,966.
Since April 2019, IOTEX has been running their own blockchain that is compatible with EVM, using the cutting-edge Roll-DPoS consensus mechanism. They have a worldwide team of more than 40 experts in research and engineering who developed their blockchain from the ground up.
IOTEX has been trading in a zig zag manner in a range territory resulting in consolidation but based upon the current scenario the IOTEX(IOTX) has started to make lower low and is about to break the consolidation channel which can result into a further drawdown in the market.
IOTEX Technical Analysis
Source: IOTEXUSDT. by TradingView
EMA: The IOTEX(IOTX) is currently trading below the 20,50-day Exponential moving average resulting in a bearish crossover which represents the presence of sellers in the market and if sellers continue to drag the market down then IOTEX(IOTX) can show further lower prices in the upcoming days which can further lead to a downtrend.
RSI: Based upon the current market scenario the RSI for IOTEX(IOTX) looks weak as it is trading below the level of 50 and even have dropped below 35 currently trading at 34.1 in 1D Timeframe. The RSI has been consecutively making lower lows in the market which represents the sellers dominating over the buyers and also the huge pessimism in the traders sentiment.
Market Structure: The IOTEX(IOTX) reversed from the level of 0.01637 making a higher high but failed to sustain on higher levels and started to drag down resulting in the continuation of a downtrend which represents further weakness in the market. Based upon the current scenario the market is about to break a very crucial dynamic support which can lead to a very good momentum on the downside, resulting in which we can see new lower levels in the upcoming days.
Conclusion
Hence, by looking at the charts we can see that the IOTEX(IOTX) was rising from the last few days but recently broke down the higher high structure and has started to fall again by creating newer lower low structure resulting in a bearish crossover of 20,50-day Exponential moving average. The RSI is also trading below the level of 50 and even have dropped below 35 which represents no hope in buyers, we can see a fresh down move if it results in a breakdown of the crucial dynamic support level.
Technical Levels
- Support Level – 0.01755 and 0.01640
- Resistance Level – 0.02002 and 0.02100
Disclaimer
The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.
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