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  • IoTeX Price has dropped 52% since the all-time high above $0.150.
  • The short-term IOTX price prediction is bearish accentuated by technical indicators.
  • IOMAP shows IoTeX is sitting on strong support around the $0.06573 support wall.

IoTeX price is currently trading at  is $0.07111 with a 24-hour trading volume of $55,402,155. IoTeX is down 1.84% in the last 24 hours and the market cap is 1.64% over the same period. It is currently ranked at ranking is #111 by CoinMarketCap, with a live market cap of $675,958,858.

IoTeX Price Upward Movement Depends On The $0.06573 Support Zone

IOTX had an impressive 566% rally from $0.02271 on August 09 to set a new all-time high of $0.15138 on August 12. This followed the news that IOTX was being listed on Coinbase, the largest cryptocurrency exchange in the US.

This rally pushed the Relative Strength Index (RSI) into extremely overbought conditions reaching as high as 97.50 on August 12. At this point, the bullish momentum was overheated and a correction became investable. The overbought RSI triggered massive sell orders as investors sought to take profits and benefit from the rally that had just occurred.

This was the start of a bearish leg that has seen the IoTeX price drop from the ATH at $0.1538 to the current price at $0.07111 representing losses amounting to 52%.

IOTX/USD Daily Chart

IoTeX Price Daily Chart
IoTeX Price Chart by Tradingview

The short-term IOTX price prediction is bearish as accentuated by the technical indicators on the daily chart. For example, the downward movement of the Moving Average Convergence Divergence (MACD) indicator below the signal.

In addition the downward movement of the Relative Strength Index away from the overbought area shows that the bears are currently in control of the IoTeX price.

Moreover. the Parabolic SAR flipped from positive to negative and moved above the price on July 16 and has remained their since. Please note that as long as the Parabolic SAR remains above the IOTX price, the bearish leg will continue.

Therefore, if IoTeX closes the day below the immediate support at $0.06848, the asset might retest the major support at $0.06546.

This support area is very crucial to IOTX restarting the upward trend. As shown by the IOMAP model, IOTX price may find robust support if it tanks to this level. This level is within the $0.06429 and $0.06638 investor cluster where approximately 5.47 million IOTX were previously bought by 187 addresses. This support is robust enough to absorb any selling pressure that might pull the IoTeX price down to this level.

IOTX IOMAP CHART
IOTX IOMAP CHART by IntoTheBlock

On the upside as shown by the IOMAP chart, the resistance towards the ATH is relatively weak.

Note that if IoTeX closes the day above the immediate resistance at $0.07239, the odds of a bullish bias will increase. A decisive bullish breakout will take place once IOTX break above the $0.080 psychological level.

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