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IoTeX / TetherUS
Long

IOTXUSDT - IoToX is stronger amid a weak market

By RLinda
Updated
IOTXUSDT is proving strong amid a weak market and the fall of the flagship cryptocurrency. A dense pre-breakout formation is forming on the chart, which can give a great move if a number of conditions are met

snapshot

BTCUSD is declining, the market failed to strengthen above 28000 and the price is falling to 26000. On the background of the 5-day fall of the flagship IoTeX / Tether feels quite confident. Growth and resistance breakout is formed. Consolidation formed under resistance will be enough for resistance breakout and active momentum formation. Altcoins periodically get potential at the transition of capitals between assets, which is most likely formed and IOTX. Earlier MA-50 was broken and the price is preparing to test MA-200 in the near future. The breakthrough of the second one will give a good leverage for growth. Targets in the medium term should be considered 0.02386 and 0.03036.

Support levels: previously broken figure line, 0.01610.
Resistance levels: 0.01866

I expect consolidation above the range and subsequent breakout of 0.01866 resistance.

Regards R. Linda!
Comment
snapshot
bitcoin is breaking support and in all likelihood heading towards 25400, it could drag the market with it. But there is always a but! If IOTX holds the boundaries of local consolidation, it will break resistance and head upwards soon. We'll keep an eye on the situation going forward.
Beyond Technical AnalysisBTCUSDconsolidationCryptocurrencyDescending ChannelFalling WedgeFibonacci RetracementFundamental AnalysisTechnical IndicatorsSupport and ResistanceTrend Line BreakZigzag
RLinda
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