IOTX Consolidation Between Support and Resistance
To analyze the shared chart, I need to evaluate the drawings and key levels you have highlighted in the image. The horizontal area you marked appears to be a support or demand zone.
Support Zone (Shaded Area): It can be observed that the price has tested this level several times and reacted from it. This indicates that it might be a strong support level.
Horizontal Line: It seems to point to previous high levels. This could be considered a potential resistance level. If the price gains strength from the support zone, it is likely to target this level.
Price Movements: Consolidation (sideways movement) is observed in the support zone. This could indicate an accumulation phase or preparation for a strong breakout, either upward or downward.
Potential Scenarios:
If the price reacts upward from the support zone, a move toward the resistance level can be expected.
If the support zone is broken downward, the price may seek new lower levels.
