IOTEX price skyrocketed between November 10 and 11 as IOTEX team delivered a keynote presentation at the DeFiLive event. The current IOTX price correction is sharp and rapid as shown by the V-top chart patter. IOTEX price prediction is bearish as 20% losses to $0.132 loom.
IOTEX price prediction is bearish as it trades in the red around $0.167. The current IOTX price correction seeks to undo all the recent gains that saw the Internet of Things token rise rapidly over the last couple of days.
IOTEX (IOTX) rose a massive 143% from around $0.106 on November 10 to a high of $0.2603 on most crypto exchanges. IOTEX’s rally was fueled by the news that the IoTEX team was set to make a keynote presentation at the DeFiLive event.
An according to their announcement, the IOTEX team delivered a successful presentation on the morning of November 1 that resulted in the price of IOTX almost doubling.
IOTX price continued rising on November 11, the second day of the presentation that was held in-person. The really was also fueled by Chainlink’s announcement that they had awarded a grant to the IOTEX team a few days ago to assist in the integration of their oracles.
IOTEX Price Prediction: IOTX Could Drop To $0.132
At the moment, IOTX’s bullish momentum appears to have run out of steam as the asset has dropped more than 26% in the past 24 hours in a correction that is threatening to undo all the gains made during the recent rally. This is validated by the formation of a V-top chart pattern as seen on the four-hour chart.
A V-top chart pattern occurs when there is a sudden rise in the price of an asset, followed immediately by a complete retracement of the bullish movement.
Therefore, if the current price action continues, IOTX will drop to tag the target of the prevailing chart patten at $0.132. This will represent a 21% drop from the current price embraced by the 50-period Simple Moving Average (SMA).
IOTX/USD Four-Hour Chart
Note the downward movement of the Relative Strength Index (RSI) index and the decreasing volume add credence to this pessimistic outlook.
However, the bearish IOTEX price prediction may be invalidated if bulls are able to push the IOTX price above the resistance provided by the downtrend line of the V-top pattern around $0.170. If this happens, IOTEX price could rise to re-test the resistance at $0.183.
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