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IOTX Surged +245% in a Single Day Amid Listing on Coinbase Pro – IOTX Breakout Analysis
IOTX is trading in an uptrend, like many other Altcoins. The cryptocurrency IOTX just went up +215% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +395% in a week.
What is IOTX?
IoTeX IOTX has built a decentralised platform whose aim is to empower the open economics for machines in an open ecosystem where people and machines can interact with guaranteed trust, free will, and under properly designed economic incentives. With a global team of more than 40 research scientists and engineers, IoTeX has built its EVM-compatible blockchain from scratch using the innovative Roll-DPoS consensus.
IOTX Price Analysis
At the time of writing, IOTX is ranked the 96th cryptocurrency globally and the current price is A$0.1133. Let’s take a look at the chart below for price analysis:
After looking at the above 4-Hour candle chart, we can clearly see that IOTX was trading inside the rising wedge pattern on the IOTX/USDT pair. The first resistance was on the A$0.04957 price level, which IOTX broke with a strong bullish trend buying volume and is now heading towards the all-time high price at A$0.1285. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, IOTX may continue to increase in the uptrend if traders keep buying with high volume.
“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. As a reversal pattern, the rising wedge will slope up and with the prevailing trend.”
What Do the Technical Indicators Say?
TradingView indicators (on the one-day window) mainly suggest IOTX as a Strong Buy, except the Oscillators, which indicate IOTX as a Neutral.
So Why Did IOTX Breakout?
General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent massive price corrections. Another reason for this sudden pump in price could be whales secretly buying IOTX for the next Altcoins rally. Recent news was also announced regarding Coinbase Pro listing IOTX on its exchange.
Where to Buy or Trade IOTX?
IOTX has high liquidity on the Binance exchange, which could help for trading IOTX/BTC or IOTX/USDT pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia. However, you can also buy this coin from different exchanges listed on Coinmarketcap.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
