Date: Sun, Nov 24, 2024, 12:09 PM GMT
The cryptocurrency market is riding a wave of bullish momentum, with Bitcoin (BTC) surging by over 40% in the last month and recently reaching a historic all-time high of $99,655. Riding on this market enthusiasm, several token narratives—such as AI, Gaming, and Metaverse—have witnessed impressive rallies.One emerging narrative catching attention is IoT-focused tokens. In particular, NKN, IOST, and IoTeX are showing significant bullish signals on their price charts, signaling potential reversals after extended downtrends.
Source: Coinmarketcap
Below, we provide detailed technical insights into these tokens.
1. NKN (NKN)
Currently trading at $0.1061, NKN has successfully broken above a three-year-long descending trendline, signaling a major bullish shift.
This breakout was confirmed after the price crossed the key support and resistance zone around $0.0827, which had previously acted as a significant barrier during the prolonged downtrend. The breakout from this level marks a critical point for NKN, suggesting that the token could be entering a new upward trajectory.
The next key level to watch is $0.1296. If NKN can close above this point, it would validate the breakout and open the path for a larger rally. Beyond this, the price could target $0.2196 and $0.3427, with the latter offering the potential for a 3x upside from current levels.
The RSI (Relative Strength Index) is currently hovering above 55, reflecting growing bullish momentum.
2. IOST (IOST)
Currently trading at $0.007025, IOST is showing signs of a potential reversal after breaking through a key multi-year support zone.
This support level had been a significant point of accumulation during the long downtrend. The recent price movement above this level suggests that IOST may be shifting gears toward a bullish phase. If it sustains above this level, it could indicate that a breakout is underway, setting the stage for a potential rally.
The first major resistance level to keep an eye on is $0.016. A successful move above this level would confirm the breakout and open the way for further price action. Beyond this, the price could target higher resistance levels at $0.025 and $0.035, marking significant milestones on the path to recovery.
The RSI (Relative Strength Index) is currently hovering above 53, indicating that momentum is on the rise and that bullish sentiment is building.
3.IoTeX (IOTEX)
Currently trading at $0.04432, IoTeX has recently broken above a multi-year descending trendline, signaling a bullish reversal.
This breakout was confirmed as the price crossed the significant support and resistance zone around $0.043, which had been a major barrier during the prolonged downtrend. With the price now firmly above this level, IoTeX is poised for potential upward movement, and this breakout could be the beginning of a larger rally.
The immediate resistance level to watch is $0.055. A close above this level would solidify the breakout and increase the likelihood of further upside. The next major resistance levels are $0.086 and $0.091, with the latter potentially representing a strong point for profit-taking and a key level for further bullish continuation.
The RSI (Relative Strength Index) is currently above 52, signaling that bullish momentum is building.
Market Momentum and IoT Narratives
The IoT token narrative is gaining traction due to the rising adoption of blockchain in Internet-of-Things applications. These tokens aim to provide decentralized infrastructure for IoT devices, which could become a major growth area in the next bull cycle. The technical breakouts in NKN, IOST, and IoTeX reflect growing investor interest in this space.
Disclaimer
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your own research and consult with a financial advisor before making investment decisions.
