Today’s trading session has seen IoTex reversing a two-day bull run and currently trading five percent below yesterday’s closing price. The Ethereum-based token has been on a long-term downward trend in the past few days, and today’s drop in price is a continuation of the trend.
Yesterday’s announcement by IoTex about the launch of MachineFi Portal has not swayed investors’ outlook of the token. This is based on today’s drop in the price of IoTex, and the current long-term bearish trend that has seen it lose 40 percent of its value since January 19th.
However, the launch of MachineFi on the IoTex platform will have a huge impact on the token in the future. The technology integrates the internet of things, blockchain, DeFi, AI, and machine learning under a single library. The technology will help users uncouple big data pools from the big tech companies and return valuable information to users. This integration is seen as positive news that, in the future, will help reverse the current bearish move of IoTex.
In Today’s trading session, IoTex opened at 0.073, reaching highs of 0.74 and setting session lows of $0.069.
Since January 22, the prices have been trading within an expanding running flat on the 4-hour chart. They have retested the upper trendline of the running twice without a breakout and once on the lower trendline.
Currently, the prices have dropped from the upper trendline of the expanding flat to the downside aggressively. Based on the current chart pattern the prices are trading within, I expect the decline to continue.
I also expect the prices to hit the recently set price lows of $0.062, and the prices might even extend down further to hit the lower trendline of the running flat.
However, if the IoTex prices retrace at any point before hitting the $0.062 support level, the predicted bearish move will be invalidated. It will also mean that the bearish move has reversed, and the prices will start an upward move.
This post was last modified on Jan 27, 2022, 13:10 GMT 13:10