---$IOTX
IOTX/USDT Market Analysis – 1D Chart Overview
🟢 Current Price: $0.04372
📈 24h Change: +13.29%
📉 Current Trend: Descending channel
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Key Market Zones:
1. Support Zone:
The primary support zone ranges between $0.03594 and $0.03681. This level has held firm in previous corrections, signaling strong buying interest in this area. If the price revisits this zone, traders may look for possible bounce opportunities, as this level could serve as a springboard for the next upward move.
2. Resistance Zone:
The overhead resistance lies between $0.06000 and $0.09293. We’ve seen multiple rejections from this level over the past few months. A breakout above this key resistance could indicate the start of a new bullish cycle, potentially pushing the price towards higher levels, such as $0.10 and beyond.
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Technical Outlook:
The IOTX/USDT pair has been consolidating within a descending channel, forming lower highs since April 2024. This long-term bearish structure is squeezing the price towards a decision point, with potential volatility on the horizon.
💡 What to Watch:
A break above the resistance zone near $0.06000 could trigger a bullish breakout, opening the door for significant upside potential toward $0.08 - $0.10.
On the other hand, if the price fails to hold the current support zone ($0.03594), it could lead to further downside risk, with the next support level potentially being around $0.01582.
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Conclusion:
We are approaching a critical juncture for IOTX. Traders should remain vigilant and prepare for a potential move in either direction.
✅ Bullish Scenario: Watch for volume spikes and price action near the resistance zone. A break above may confirm the start of a new upward trend.
⚠️ Bearish Scenario: If the support zone fails, be ready for a deeper correction.
Stay updated and manage your trades with proper risk management.
Trade smart, and let’s see where the market takes us!
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