After finishing April with a +68% rally on the last day of trading, the IOTX price continues to reverse lower as we start a new month.
March and April were good months for investors in IOTX. The coin which powers the IoTeX network had enjoyed a 212% rally over the period, taking the IOTC price to an all-time high of $0.0817 before closing the month at $0.7741.
As we enter a new month, the early signals are pointing to the recent uptrend reversing. The current IOTX price of $0.0663 is lower by 11% on the day and 20% from yesterday’s high print.
IOTX coin is native to the IoTeX network. The project’s primary goal is to deliver scalability, efficiency, and bring lower transaction costs to the Internet of Things (IoT) space.
Yet to break into the mainstream (Cryptomarket.com rankings put IOTX at #114), IOTX has piqued investor interest with some recent positive news flow.
On March the 2nd, the IoTeX team announced an alliance with tech giant Amazon and would integrate with the Amazon web services (AWS) partner network. The market took the news well and set the IOTX price on a course to April’s high.
IOTX Price Outlook
Much of March and April saw the price trade sideways in a wide trading band between $0.0314 and $0.0575. Yesterday’s price action cleared the formation decisively. The spike that followed took the IOTX price deep into overbought territory, and supply was seen between $0.7100 and $0.0817, capping the move.
The price looks to have rolled-over in the near-term and i favour a move back to the top end of the horizontal channel at $0.0575 where support should be found.
A failure to hold would see the potential of an extension lower, to the mid-point of the formation, at $0.04500. An upside break of the recent high would invalidate the bearish thesis.