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In today’s trading session, IoTex is down by 2 per cent, ending the past two days’ bull run that had resulted in a 24 per cent price surge. Since its launch in 2017, IoTex has continued to be one of the leading open-source projects aiming to connect IoT devices with decentralized applications.
Its privacy-centric policy and its positioning as the scalable spinal cord and nervous system for IoT have seen it grow to become the 100th largest cryptocurrency by market capitalization, which currently stands at $295 million.
Throughout the past one year, IoTex has been in a strong bearish move that has seen its prices move from trading at its all-time price high of $0.2611 on November 13, 2021, to the current price of $0.030, an 88 decline in less than a year.
In 2022 alone, the crypto has lost 74 per cent of its value. However, despite being strongly bearish for the entire year, July has started strongly for IoTex. The crypto is already up by 24 per cent, setting up a comeback that is likely to see the prices wipe out last month’s losses of 37 per cent.
The chart below shows IoTex is down by 2 per cent bringing an end to the past two trading sessions’ aggressive bullish move. However, despite the drop, there is enough recent price action data to support that the current drop is temporary. For instance, in the past two days, prices surged by 24 per cent.
Normally, after such a huge spike in the markets, the prices have to go through a correction before they continue with the trend. Therefore, my IoTex price prediction expects the bullish trend to continue. Current intraday data also shows a likely reversal in today’s trading session.
I expect prices to hit the $0.034 price level from the current $0.030. My analysis will be invalidated only when the current bearish trend slides down to yesterday’s lows of $0.027. At that point, the bearish trend will have been established.
This post was last modified on Jul 08, 2022, 10:47 BST 10:47