- IoTeX is a decentralised network and it works for the Internet Of Things(IOT). The technology was built with the help of blockchain technology.
- IoTeX was founded in 2017 by Raullen Chai, Jing Sun, Xinxin Fan and Qevan Guo.
- IoTeX has not been performing well since the beginning. We will analyse through technical analysis.
IoTeX is showing different situations in different time frames. Overall it is in downtrend in all the time frames.
It is down by (51.79%) overall but it is fluctuating continuously due to changes in the price. In today’s session it is up 2.40% which is also changing every minute.
In this article, we will predict as well analyse the price of IoTeXl through technical analysis.
Technical Analysis of IoTeX(Yearly)
The coin is forming a L which means from the start it was continuously falling. From January 2022, it was going in a horizontal line.
The line is declining a little bit, which means it may continue its downtrend in the future.
The line chart indicates that the coin from the beginning took off in the down direction. The coin is behaving the same in every other time frame.
It is down by (50.86%) in the yearly time frame which is good. The current market sentiments are bearish.
According to experts, it is not a good time to buy IoTeX but no financial advice is given in the article. The opinions of experts are shared in this article.
Technical Analysis of IoTeX(Monthly)
The coin took off in October 2021 till November 2021. After that the coin is continuously in the down direction.
It might make another resistance point near the current market price. The sign of recovery is not given by the coin till now.
The coin is not performing well and it was down by 11.83% last month. So, coin is not suitable for investment.
Technical Analysis of IoTeX(Weekly)
In the weekly time frame, the coin is in the down direction only. No positive sign of recovery is given by the coin in any time frame.
The trend line near the current market price in the weekly and monthly time frame that coin might move down.
As, it might make a new resistance point on the trend line. The coin was down 12.20% which is good for the coin.
Technical Analysis of IoTeX(Daily)
In the daily time frame, the coin is up by 3.12%. On the chart it is near the downtrend line.
The three time frames are confirming that the coin will go in the down direction. We can say that the coin overall is not good for investment.
Summary
Through the technical analysis we can conclude that the coin is not performing well in the weekly and daily time frame.
In the past it went up to $0.148 and now it is around $0.015 which is not a good sign. The investors have also lost their money as it drastically felt in 2022.
Many great investors suggested not to invest in cryptocurrencies.
There were many reasons for the fall but now cryptocurrencies are slowly recovering from the downfall. For ex.- Bitcoin fall, FTX’s bankruptcy etc.
Levels
Resistance Level- $0.106
Support Level- $0.087
Disclaimer
The analysis is done for providing information through technical analysis and no investment suggestions are given in the article to be made by investors.
The coins are unpredictable so investors should have proper knowledge.
Cryptocurrencies are highly volatile and risky. Investment should be made with proper technical analysis.
