IoTeX Price Sits and Waits at a Key Support Level

The IoTeX price momentum has started fading. IOTX, its native coin, is trading at $0.2713, which is about 45% below the highest point this month. It is not alone since other cryptocurrencies like Bitcoin and Solana have all declined. Similarly, the price of IOTA has fallen by about 15%.

What is happening? IoTeX is a project that became relatively popular this month. Its niche is on the fast-growing industry known as Internet of Things (IoT). This is an industry that seeks to connect devices and humans in a relatively simple way. You can read my previous IOTA vs IoTeX comparison here.

In the past few days, however, the IoTeX price has crashed as the bullish momentum has lost steam. This decline is partly because traders who bought the coin as it surged have started exiting their investments. At the same time, the ongoing multi-billion dollar sell-off has not helped. So, what next for the price?

IoTeX price prediction

Turning to the 4H chart, we see that the IOTX price soared to an all-time high of $0.5013 this month. This was a remarkable rally since it was about 905% above the lowest level in October. After soaring to an all-time high, the price then declined by about 70% and reached the 78.6% Fibonacci retracement level. 

Recently, the coin attempted to bounce back and retest its all-time high but it found resistance at $0.44. A closer look shows that it is trading at the important level at $0.2713, where it has struggled moving below in the past two days. 

This pattern seems like a double-bottom, which is usually a bullish sign. Therefore, the outlook for the coin at this point is neutral. As such, a drop below $0.2662 will signal that bears have prevailed. This will in turn lead to more weakness for the coin. On the other hand, a move above the resistance at $0.300 will mean that there are more buyers keen to push the price upwards.

IoTeX price