According to technical analysis, using a multi-week triangle pattern, the coin is likely to move upwards by 30%.
The validity of the breakout is indicated by an increase in the volume of a 24-hour trade, indicating increased trader interest.
As long as the momentum holds, IOTX may test the area between 0.029 and 0.030; a loss below 0.0217 would threaten the bullish case.
In mid-June trading, the IoTeX (IOTX) token is gaining momentum following a strong breakout successfully overcoming a long period of stagnation. Market observers point out that the token has been stuck in a tight symmetrical triangle for weeks now, with a clearly defined resistance trendline limiting upside momentum.
https://twitter.com/WorldOfCharts1/status/1935241405082882449
The recent price action, however, demonstrates that IOTX has now broken above this resistance, paving the way for additional upside momentum. Technical predictions following this breakout suggest a possible 30% move, which could push the price to the $0.029–$0.030 area.
Volume Spike Accompanies Price Shift
Source:CoinMarketCap
An accompanying development to this breakout is the resultant surge in volume. As CoinMarketCap data shows, the 24-hour trading volume of IoTeX was more than 88.4% increased, at $17.43 million. This steep increase in activity lends credence to the recent breakout and pre-indicates a new spurt of attention in traders. Analysts tend to believe more in a price breakout confirmed by strong volume, especially after a prolonged sideways price action.
Market Conditions Support Measured Optimism
As of this writing, IoTeX is trading at $0.02269, representing a 1.87% gain over the last 24 hours. The token's market capitalization stands at approximately $214.25 million, with full circulating supply already in the market—suggesting limited dilution risk. With 10 billion IOTX already out on supply, market supply conditions are cemented for the moment.
However, it is interesting to see that even though price action appears bullish in the short term, macro uncertainty and shifting risk appetite can interfere with follow-through momentum. Traders will likely wait for confirmation from broader conditions and the trend of Bitcoin.
IOTX Breakout Targets 30%, Key Levels in Play
On the technical side, the breakout from the triangle pattern aligns with a projected move of roughly 30%, as measured from the widest part of the pattern. If this projection holds, IOTX could test levels not seen since early March. Resistance at prices above $0.026 could be the initial challenge, while a drop below $0.0217 would likely negate the bullish setup.
In summary, IoTeX's breakout is focusing attention on technical structure and increasing trading volumes. Whether it leads to further gains will be determined by market participants' reaction in upcoming sessions.
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