Date: Fri, Jan 03, 2025, 05:57 PM GMT
The cryptocurrency market is witnessing upside rallies as BTC dominance declines following December's significant correction. Bitcoin (BTC) has rebounded strongly, climbing from its December 31 low of $92,000 to approach $98,000 today. This recovery has started to positively influence altcoins, including IoTeX (IOTX), which experienced a pullback after a strong rally in November.
However, amid the recent correction, IOTX’s monthly performance has faced a decline of 32%, but the token is showing signs of recovery with an impressive 11% gain over the past week.
Source: Coinmarketcap
Complete Retest Post-Major Breakout
IoTeX (IOTEX) has been on an impressive bullish trajectory, breaking out of a Descending Triangle pattern that persisted for nearly three years. This breakout occurred on November 18, 2024, when $IOTX surged above its descending resistance trendline, pushing its price to a high of $0.06735.
IoTeX (IOTEX) 1D Chart/ Coinsprobe
Following the broader market correction in December, IOTX successfully retested the descending resistance line near the $0.035 level, which has now transformed into a strong support zone. This retest validates the breakout and demonstrates the token's resilience. As of now, IOTX is trading at $0.04283, firmly holding above the key support level, and showing promising signs for another upward rally.
From the current price, IOTX has the potential to revisit its recent high of $0.06735, marking a significant 106% gain.
Technical Indicators Signal Strength
MACD (Moving Average Convergence Divergence): The MACD line is positioned above the signal line, indicating bullish momentum. The histogram also supports this view, showing a gradual increase in upward pressure.
RSI (Relative Strength Index): Currently at 50.57, the RSI remains neutral but leans toward bullish territory. This positioning suggests that IOTEX still has room to climb before reaching overbought levels.
Is a Rally on the Horizon?
With BTC dominance dropping to 57%, the market is showing signs of renewed strength, creating favorable conditions for altcoins like IOTX. The completion of its retest following the major breakout adds to the positive outlook. If the bullish momentum continues, IOTX is well-positioned for a potential rally toward its next resistance levels, with a significant upside ahead.
Get more updates on: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
