After making some decent gains over the last 2 days, it seems like IoTeX (IOTX) is losing momentum. The token reversed some of the gains made during this short-lived bull run. Looking at indicators, it could even plunge further, hitting new lows in the process. Here are some highlights:

• At the time of writing, IoTeX (IOTX) was trading at $0.07453, down about 2% for the day.

• The token is also trading 30% lower compared to the prices over the last 7 days.

• The recent two-day bull run appears to be a false start with IoTeX (IOTX) now expected to plunge even further.

Data Source: Tradingview.com 

IoTeX (IOTX) – Price prediction and analysis

IoTeX (IOTX) has largely been in a bear market. Even with the rally at the start of the week, we have always known that the downtrend was well and truly in force. Nonetheless, the project announced that there were launching the MachineFi Portal, a new technology that helps to integrate the Internet of Things into th blockchain ecosystem. 

But it seems the news was not exciting enough for investors. As we speak, IoTeX (IOTX) has tried to retest its upper trendline but has failed to hold gains in any sustained way. As the crypto market sees some improvement in sentiment, there could still be some upward momentum. But we expect IoTeX (IOTX) to first of all plunge further before it finds enough support for any decent bull run.

Should you buy IoTeX (IOTX)

IoTeX (IOTX) is a very interesting project. Its been doing a lot to add more features into its ecosystem and as such, for investors who are looking into the future, this is a great project to add to your portfolio. The fact that right now, it’s trading at new lows gives you a perfect chance to get in and ride the upward wave in the near term.

Dogecoin (DOGE) Daily Ichimoku Chart

Above: Dogecoin (DOGEUSD)

Dogecoin has many conditions within its daily Ichimoku chart and its oscillators that favor a substantial rise – if bullish momentum remains in the broader market. Dogecoin is current just below a Kumo Twist (when Senkou Span A crosses above/below Senkou Span B – below in this case). Kumo Twists are a kind of propolent if an instrument is trading near that level. The behavior of propellant is even greater if price crosses above the Kumo Twist because it represents the thinnest and weakest part of the Cloud. The Chikou Span is currently above the candlesticks, lending a solid overall bullish outlook. Likewise, the current close is above the Tenkan-Sen and Kijun-Sen.

The breakout level that Dogecoin bulls will be looking for is a close above Senkou Span B, so roughly the $0.27 price zone. Because the %B oscillator is above 0.8 and the Relative Strength Index remains below the 70 levels, the likelihood of a sustained move above $0.27 is highly likely. However, Kumo Twists are also inflection points for major and minor tops. Thus, Dogecoin is positioned perfectly within the Ichimoku system to see a bullish fakeout and a resumption of a bear market.

IoTeX (IOTX) Daily Ichimoku Chart

Above: IoTeX (IOTXUSD)

IoTeX, at first glance, displays an almost textbook bearish continuation pattern known as a bear flag. From a trading perspective, the chart looks poised for an imminent return to sell-side pressure. Over the past four trade days, IoTeX has been rejected against the bottom of the Cloud (Senkou Span A), and for the past three trade days, the Tenkan-Sen has acted as resistance. Additionally, the Relative Strength Index shoes IoTeX continues to struggle moving back the final overbought condition in a bear market (65). Adding to the bearish bias is the hidden bearish divergence between the candlestick chart and the Composite Index. The Composite Index is close to crossing below its fast-moving average, adding more pressure to future downside movement.

But bears shouldn’t consider the bear flag to be a certainty yet. The Chikou Span is above the candlesticks and in open space, lending solid support for some strong bullish momentum ahead. And just like Dogecoin’s %B and Relative Strength Index levels, the %B is above 0.8 while the Relative Strength Index is below 70, the breakout zone that IoTeX bulls will want to focus on is precisely at $0.09. A close at $0.09 put the Chikou Span above the Cloud, the close above both the 23.6% Fibonacci retracement and the Cloud.

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– Missed some of the big runs in crypto’s lately? Don’t buy at the tops!

– Waiting for pullbacks can be frustrating – but they pay off.

Cardano (ADAUSD)

Above: Cardano (ADAUSD)

For crypto enthusiests, one of the most frustrating things to observe is a market that has made double digit percentage moves – but you missed out on them waiting for the perfect entry. But that doesn’t mean you need to rush in at the top of the market. Identifying support levels I is the key to ‘buying the dip’. On Cardano’s chart, there are two support levels that stick out to me. The first is at $1.6673, which is the daily Tenkan-Sen and 38.2% Fibonacci Retracement in the current swing. The second price level for support is at $1.55, which contains the daily Kijun-Sen and 50% Fibonacci Retracement.

Buy Limit Price Levels: $1.5535 and $1.6673

Polygon (MATICUSD)

Above: Polygon (MATICUSD))

Polygon’s made some massive moves over the past few days. The most bullish event on the Ichimoku chart for Polygon has been the current close above the Cloud. Now, there’s still plenty of day left for the close to not close above the Cloud, but at the present it is. If Polygon does close above the Cloud, then I would look at the top of the Cloud and the 14.6% Fibonacci Extension for support – $1.30. But further down, I would look at the Kijun-Sen and 38.2 Fiboancci Retracement at $1.10 as the next primary support zone.

Buy Limit Price Levels: $1.10 and $1.30 (only if the Friday close is above the Cloud).

IoTeX (IOTXUSD)

Above: IoTeX (IOTXUSD)

IoTeX has been around for a bit, but its most recent addition to Coinbase has given it some major and significant gains over the past week. It’s has topped out near the $0.15 level and is now struggling to hold onto the $0.10 level. The two major support levels I see are the $0.085 level (Kijun-Sen and Tenkan-Sen share this level with the 23.6% Fibonacci Retracement) and the $0.0488 level. $0.0488 may seem like a bit of a drop, but it is the 50% Fibonacci Retracement and it’s the second highest high volume node for 2021.

But Limit Levels: $0.085 and %0.0488

Solana (SOLUSD)

Above: Solana (SOLUSD)

Solana’s Lagging Span has had a great breakout above the Cloud – dropped to test it as support – and has resumed its move higher. Solana’s price action has been very, very closely connected with the Tenkan-Sen. More than almost another cryptocurrency I look at, Solana’s price action and the Tenkan-Sen are the most connected. This is a major sign of strength. The support zone is very close to the present trading price, so I would look for something a little deeper down. I like the $34.23 price level because it contains Senkou Span B, the 50% Fibonacci Retracement and will likely include the daily Kijun-Sen over the next couple days.

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