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Iotexmooning

IoTeX, Pump-and-dump Scheme or Sustained Rally?IoTeX’s (IOTX) cryptocurrency price reached a new all-time high above $0.12, becoming one of the hottest digital coins this week. Currently ranking as the 99th most valuable cryptocurrency, based on data from CoinMarketCap, IoTeX has a market cap of more than $800 million and a total supply of 9.6 billion. Pump and Dump Price Structure Is IOTX’s trend a pump and dump or a sustained rally? Well, the anatomy of a pump and dump price structure is fairly simple. The first element is a strong initial rally followed by a quick sell-off. In May 2018 and April 2021, IOTX's price somewhat exhibited this pump and dump pattern. However, in both instances, the volume was light, and the stochastic oscillator revealed overbought conditions. This time around, the price is not showing overbought readings on the stochastic oscillator, and secondly, the volume is slightly higher. These two conditions might support the bullish case scenario. However, the price must not retrace more than 50% from the current rally. Looking forward: The bulls need to defend the considerable round number $0.10 to keep the bullish momentum going. Additionally, the weekly candlesticks need to not have a big upside wick because this is a sign of weakness. In May 2018 and April 2021, the price action presented weekly candles with long upside wicks, leading to a sell-off.
BINANCE:IOTXUSD
by cryptohopper