IOTX Coin Price Prediction: A Return to 10 Cents is Likely

The IOTX coin price prediction for a recovery in the IOTX token could become a reality after the price bars found support at the 61.8% Fibonacci retracement level for the third time in two weeks. The IOTX coin caught the attention of crypto traders when it rose 341% in a week. Following that dizzying run, the expected correction in the token has played out.

The IOTX token, the native reward for the IOTeX project, is also used to pay for transaction costs on its network. If bulls can defend the current support, a short run to the upside cannot be ruled out. IOTX coin price is trading 2.29% lower, but lower is always better for those on the fence.

IOTX Coin Price Prediction

The IOTX token has found support at the 0.07060 price mark (61.8% Fibonacci retracement). A bounce on this level allows the pair to aim for the 50% Fibonacci retracement at 0.08570, which is the site where a previous bounce on the 61.8% Fibo retracement level found a viable destination. A continued advance takes the IOTX coin price towards the 0.1008 psychological resistance, which is also the 38.2% Fibonacci retracement level.

On the flip side, a breakdown of the current support at 0.07060 invalidates the previous outlook and clears the pathway towards the 0.05712 resistance (4 April high). Below this level, the 78.6% Fibonacci retracement mark at 0.04910 (18 April and 16 May lows) forms an additional target to the south.

IOTX Coin Price: Daily Chart

Follow Eno on Twitter.