IoTeX (IOTX) Is Bullish; Is It the Right Time to Invest?

IOTX is the token of the IoTeX network. It is an innovative data privacy EVM compatible blockchain. It uses the ROll-DPoS consensus to process millions of transactions. It has the infrastructure to connect with BSC, ETH, and Heco. 

It was started in 2017 and built a decentralized platform with an aim for human-machine interaction. IoTeX is an open-source ecosystem where humans can interact with machines with trust and free will. 

The price of IOTX increased this month due to news that the IoTeX team has announced to deliver a keynote at the DeFi Live event on November 10. It has given a good return this month. 

Besides that, Chaillink announced that it would soon integrate IoTeX with its oracle. Chainlink is a big cryptocurrency community with a market cap of $16 billion. After the team delivered the speech, the price of the coin skyrocketed. On November 03, it soared.

IOTX Price ChartAs you can see on the daily chart, the price started to rise on November 03 because of the big news. If it has no fundamentals and is raised after the news, it may not hold its position at the top.

IOTX has created a support level of $0.15 and resistance around $0.40. Now it is trying to create a support level of $0.28. Does IoTeX create a new support level or slip down to the previous support level? You have to wait for the answer. 

We are not sure whether this forming candlestick will go up or down. If we analyze the RSI, then it is still bullish with a value of 63. The Bollinger Band is also great because the last few candlesticks are well above the baseline and very bullish. The MACD chart also supports it because the blue line is still very far away to create a bearish momentum. 

The sudden rise of volume is very interesting, which means investors are interested in this coin. If you are interested in the long term, you should wait for the opportunity because the coin does not have much histories like BTC or ETH.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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