Archived Article This article was published more than 5 months ago. The market data, prices, forecasts, and analysis were accurate at the time of publication but may have changed since then. Please use this article for historical reference only and refer to our latest content for current market information.
- The IoTeX price made a stunning comeback on Wednesday, surging above its highest-ever closing price to $0.1500.
The IoTeX price made a stunning comeback on Wednesday, surging above its highest-ever closing price to $0.1500. IoTeX (IOTX) is now up 86% in November and almost +600% since August. But are the gains sustainable, or will IOTX return to earth with a thump?
IOTX, the native token of the decentralized Internet of Things (IoT) blockchain IoTeX, is on a wild ride. The token spent most of September and October trading sideways in a wide channel between $0.050 and $0.093. But on November 3rd, the price suddenly jumped 69% to $0.1480. Furthermore, the bullish momentum carries on the next day, sending IoTex a further 50% to a lifetime best of $0.1868.
However, the token could not hold onto the 140% two-day rally and somehow finished -7% on the day. The price continued to drift lower in the next four days until igniting on Tuesday. As a result, IoTeX’s market cap is back to $1.2 billion, ranking it the 95th-biggest cryptocurrency behind Bitcoin Gold (BTG).
IOTX Price Analysis
The daily chart shows the IoTeX price is testing the horizontal resistance at $0.1500. If the token clears the $0.1500 level on a closing basis, it could encourage the parabolic move to extend to a new all-time high. However, the Relative Strength Index of 73.76 indicates IOTX is vulnerable to a correction.
If the price turns lower, $0.0930 is the first significant support level. Below that, a drop to the 100-Day Moving Average (DMA) at $0.0705 is likely.
Both scenarios have equal chances of playing out, considering the high volatility recently. Therefore, until the market normalizes, I am neutral on IOTX.
IoTeX Price Chart (Daily)
For more market insights, follow Elliott on Twitter.