An analysis shared by trader CryptoPatel focuses on the bearish scenario for token $IOTX, which may face implications upon breaking support levels.
Technical Analysis of $IOTX
According to recent analysis, $IOTX/USDT shows a bearish setup based on trading below significant support levels. The current trading price is significantly below the $0.502650 level, indicating bearish market intent. The market exhibits signs of bearish movement, confirmed by breaking below previous weekly lows and a strong rejection from the so-called 'Advanced Order Block.'
Fundamental Aspects of IoTeX
The fundamentals of IoTeX remain robust, with $75 million staked and partnerships like U Power enhancing the DePIN narrative. However, the token has faced volatility, recently dropping by 3% amid neutral market sentiment. If the price moves below the support levels of $0.026-$0.03, the market may target lower levels.
Outlook and Recommendations
Despite the bearish sentiment, bullish catalysts like the recent announcement of the eToroUS listing exist. Traders are advised to monitor the $0.026-$0.03 levels for confirmation of further movements. Given the current market situation, both bearish and bullish movements can be observed, highlighting the need for a cautious approach.
The bearish analysis of $IOTX emphasizes the importance of monitoring market changes and support levels. Despite volatility and current bearish sentiment, growth prospects are also present, which could impact the long-term stability of the token.
