A breakout from a symmetrical triangle in IoTeX (IOTX) points to a possible bullish movement in the near future.
The breakout suggests a possible 20–25% upside, with price targets ranging between $0.024 and $0.025 if momentum continues.
The current resistance is at $0.02093 and maintaining that level is necessary to show the market is turning bullish.
After several days of moving within a range, IoTeX (IOTX) has confirmed a breakout with positive technical signals. On May 17, the asset fell below a descending trendline that had been stopping it since early May which indicated it might shift to a bullish trend.
Chart Structure Suggests Bullish Wave Formation
For the past two weeks, the 2-hour IOTX/USDT chart has formed a symmetrical triangle pattern. An increase of 7.35% in prices within 24 hours occurred early on Friday, confirming a breakout above the upper boundary. At the time of writing, IOTX was trading for $0.02074 and crossed the important support level of $0.01904.
https://twitter.com/WorldOfCharts1/status/1923661047438655967
This price structure is typically interpreted as a bullish continuation pattern when confirmed with a breakout and volume support. Technical projections from the current setup suggest a potential upside target near the $0.024–$0.025 range, which would mark a gain of approximately 20–25% if momentum continues.
Support and Resistance Remain Key to Short-Term Direction
Although there is a confirmed case, analysts still suggest caution. Currently, the price encounters resistance at $0.02093, a point where it has been turned down before. Any further gains beyond the resistance will be important for the market to continue moving up. Losing position could cause the bullish structure to fail, leading the asset to the $0.01904 level of support.
Volatility Increases as Broader Market Recovers
IOTX's movement also coincides with broader recovery signs in altcoins, though macroeconomic factors and Bitcoin dominance continue to impact altcoin trajectories. IOTX has managed to outperform both Bitcoin and Ethereum with 2.7% and 6.9% growth, respectively.
Currently, traders are watching for volume and further candles to discover if the uptrend will continue or die out. Based on technical factors, the asset opens on a positive note, but the next 48 hours could decide its outlook over the next few days.
