IOTEX price analysis: IOTA price appears weak following the bullish weekend

• The Iotex coin has gained approximately 32% of its cost since it entered the long-legged Doji candle (on weekly chart).
• The IOTX coin is trading above the 20,50 and 200 day moving averages but still 100-MA remains to be tested by bulls.
• The IOTX/BTC pair price is trading bearish by 3.8% at 0.000002359 satoshis.

The IOTEX token has successfully exited the bearish trend line which was validated by the ATH sign. From the ATH mark to the recent low of $0.62, the coin has lost almost 75% of its price. Nowadays, the IOTX coin continues to follow the upward trend line after breaking the box pattern (green) and shows 6-green candles throughout the week in addition to today’s red candle. However the IOTX coin is trading in the red zone by 3.5% at $0.1033.

Bulls are facing the bullish hurdle at $0.115 mark, for the solid bullish momentum, buyers will have to surpass this level. On the downside, IOTX coin has a strong support of $0.070. However, the crypto has gained 16% trading volume over the past 24-hours. The volume to market capitalization ratio is 0.2072. Furthermore, the volume oscillator turned its peak to the downside which may become a sign of low volatility.

There is a possibility that sellers control the bearish trend

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In the daily price chart, IOTEX coin price with the Bitcoin pair is approaching back into the Bollinger bands indicator. However, the IOTX/BTC pair price is trading negative by 3.8% at 0.000002358 satoshis. The pair price is pulling back from the key resistance at 0.00000275 satoshis. If bulls fail to hold the above 0.00000210 satoshis then we can see another downtrend. Moreover the MACD indicator is moving higher.

The daily RSI is approaching bullish after dipping into the oversold stage. Now the RSI is turning its peak to downwards which may create a nervousness among the investors. The average directional index reflects the weak bullish momentum.

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Conclusion 

Based on the daily price chart, IOTEX coin appears to be in a correction phase after a solid green candle. It is again the sellers who will dominate the market trend if bears close the daily candle on the downward slope. 

Support level- $0.063 and $0.056

Resistance level- $0.0118 and $0.1518

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.