IOTX pushed below previous low around 0.00000481, closed and then returned to re-test the previous support, now acting as strong resistance. In a perfect manner, the price touched the horizontal resistance and immediately turned lower to create a shooting star - bearish candlestick pattern. We expect the price to rotate back lower and re-test recent low at 0.00000406, which represents a 127.2% extension. Furthermore, RSI is currently in the overbought territory and a move back lower is to be expected.
A perfect scenario with this background would be break through 127.2% and move to 161.8% - key Fibonacci extension level, which sits at 0.00000312. If you are looking to buy IOTX and hold in the mid-term, our advise is to wait for this level to be tested before dipping into the market.
A perfect scenario with this background would be break through 127.2% and move to 161.8% - key Fibonacci extension level, which sits at 0.00000312. If you are looking to buy IOTX and hold in the mid-term, our advise is to wait for this level to be tested before dipping into the market.