IOTX Technical Analysis: Triangle Breakout Needs to Undermine Bearish Crossover

IOTX coin price action resonates close to the resistance trendline in the daily chart with increased trend momentum. Will the bulls break the trendline? IoTeX can be described as the decentralized platform for machine economics, which supports devices ranging from smart home devices to autonomous cars. In order to achieve this, IoTeX has built and released a speedy, high-performance, and EVM-compliant blockchain that offers flexibility and scalability across diverse applications. Additionally, middlewares and Dapps have built the blockchain platform to enable self-sovereign devices as well as real-world oracles to life. Let us move ahead to read about IoTeX technical analysis. Past Performance of IOTX IOTX coin price action shows a downfall of more than 50% in the past two months from its all-time high level near $0.24. The downfall creates a lower-high formation leading to the resistance trendline in action. The generation of descending trendline and the constant support near $0.095 creates a descending triangle pattern in the daily price chart. IOTX/USD Daily Chart IOTX Technical Analysis The recent jump in the IOTX coin price brings it close to the resistance trendline of the triangle pattern. Moreover, the increased trend momentum and the coiling up of the triangle reflect a high possibility of a bullish breakout. The rally towards the resistance trendline tests the bearish crossover of the 50 and 100-day SMA in the daily ...