IoTeX Price Prediction: IOTX Soars To $0.014

IoTeX Price Prediction: IOTX Soars To $0.014 – What’s Behind The Rally?

Updated: 30 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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IoTeX has made a strong recovery in the last 24 hours with a 5.3% gain that was aided by news of Grayscale’s win against the SEC.

That buoyed crypto assets with Bitcoin rising about 5%, and most altcoins following suit. IOTX trading volumes surged 56% to $3.5 million.

But IOTX is still down 23% in the past 30 days.

After the recent gains, IOTX’s volatility has eased, indicating that those who pumped the rally are yet to sell. However, the buyers appear exhausted.

The IoTeX development team has continued to build. Increased development activity on the IoTeX network could translate to notable gains in the long term.

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IoTeX Rallies To $0.014

At the time of writing, IOTX was trading at $0.014. In the last 24 hours, IOTX has traded between $0.0135 and $0.00145, indicating some mild volatility.

On August 29, IOTX had dropped to a three-month low of $0.0135, but the recent gains saw it slightly recover.

If IOTX fails to hold on to the recent gains, the price will likely drop to create a new 90-day low below $0.013.

The bearish trend will be overcome if IOTX can rally past $0.018. Strong buyer momentum could take IOTX back to early June levels past $0.022.

IoTeX Creates A Bearish Pattern Despite 5% Pump

IOTX has yet to rally to levels that will overcome the bearish sentiment.

The token has a Relative Strength Index (RSI) of 28, showing that the token is oversold and a bearish momentum is at play. The RSI line also tips south, indicating sellers might re-enter the market.

On the other hand, the Awesome Oscillator (AO) shows green bars, pointing to a rising momentum. However, the AO is on the downside, indicating that some bearish momentum might be at play.

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