The Internet of Face Melting Mainnet Gains 🤑 | IoTeX ($IOTX)🤯 If you haven't heard of IoTex (IOTX), then you haven't been watching Binance charts. IOTX has been an absolute beast! That is likely in no small part to a mainnet launch coming up on June 1st. The reality is this Mainnet, launch titled "Machina," could be longterm bullish or just short term for IoTex, but for us this doesn't matter. Our goal is to map out some key levels of interest for anyone looking to go long into the mainnet launch.
Two key levels to watch for support are S1 and S2. S1 is a great place to find support if we are going to retest or even breach the previous high before June 1st. At S2 things start favoring the bears, as S2 is a perfect setup for a dead cat. S3 is the last level of support we are watching short term, but this is where bears need to consider a potential short.
Meanwhile to the upside, R1 is the main resistance level to watch, although the current range could also become a notable resistance if we travel lower.
In general here, as exciting as the new tech is, traders should keep in mind what makes this chart attractive is the momentum and current clear uptrend. If the momentum and uptrend are lost, we are likely not to be looking to chart this one again for a while.
(GG Bears)
Resources: twitter.com
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