IoTeX
Updated
One of the great projects in the crypto market which show promising future. The technical analysis is straightforward; well, almost. After the previous impulse wave ended, price entered a corrective wave and now it seems finished around 0.5 Fibonacci retracement. Also, there is a consolidation zone shaped like a box or more likely a triangle in which the price has been oscillating for a while. Let see what happens after price break this consolidation zone upward.
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So, IOTX correction pattern has become clear; an inverted wedge pattern. Let's see when IOTX broke this wedge upward.
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IOTX broke the inverted wedge pattern and did it with momentum; this indicates IOTX aiming for much higher levels. Let's see how up IOTX can go.
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So, IOTX went up and reached the major horizontal resistance area, couldn't break it, and went into correction to gain momentum. For the next upward wave, IOTX first has to break the minor downtrend line. Let's see what happens.
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So, IOTX's correction unfolded in a descending channel. Now, it seems IOTX has broken this channel and is going up toward the major horizontal resistance area. Let's see what happens.
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