IOTEX witnessed its price skyrocketing between 10 November and 11 November as the alt’s team delivered a vital presentation during the DeFiLive event. For now, the IOTX price faces rapid and sharp retracement, depicted by the V-top price chart pattern. IOTEX seems to suffer a 20% correction in the upcoming sessions, exploring price zones at $0.132.
IOTEX price sustains bearishness as the alt moves in the red near the $0.167 mark. The current retracement by IOTX seeks to erase all the gains accumulated recently. Keep in mind that the Internet of Things cryptocurrency surged in the past few days.
IOTEX (IOTX) witnessed a colossal 143% upswing from near $0.106 on 10 November to the peak of $0.2603 on several cryptocurrency exchanges. The news about the IOTEX team making a crucial presentation during the DeFiLive event fueled IOTEX’s price rally.
Their announcement shows that the IOTX team made a successful presentation on 1 November morning, causing the IOTX price to double. The alternative coin continued to rise on 11 November. Meanwhile, Chainlink’s announcement of awarding the IOTEX team a grant some days before to help oracles integration propelled the alt’s rally.
IOTX Might Plunge to $0.132 – Price Prediction
For now, IOTEX’s bullish pressure appears exhausted as the coin lost over 26% over the previous 24hrs in a retracement that threatens to erase all the altcoin’s gains during the latest rally. The 4-hour price chart validates the case as it formed a V-top pattern.
A V-top chart follows a sudden increase in asset price, followed by an immediate correction of the bullish move. Therefore, if the altcoin maintains its current price movements, IOTX will plummet to tag the prevailing chart pattern’s target at $0.132. That would translate to a 21% fall from the coin’s current by level embraced by 50 SMA.
IOTX/USD 4Hr Chart
Meanwhile, the plunging volume and RSI’s downward move support the pessimistic picture. However, if the asset’s bulls push past the resistance by the V-top pattern’s downtrend line at $0.170, IOTX will invalidate the bearish outlook. If such a scenario happens, IOTEX might retest the resistance level at $0.183.
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