IoTeX 24-Hour Market Overview

• IOTXUSDT dropped 3.96% over 24 hours, closing near key Fibonacci support at $0.0296.
• A bearish trend appears reinforced by a negative MACD crossover and RSI approaching oversold.
• Volatility expanded in the early session, with a sharp pullback seen after 08:00 ET.
• Bollinger Bands widened following a consolidation phase, indicating increased directional bias.
• On-balance volume surged during the downtrend, confirming bearish momentum.

IoTeX (IOTXUSDT) opened at $0.0312 at 12:00 ET − 1 and traded between $0.03154 and $0.02926 over the next 24 hours, closing at $0.0296 at 12:00 ET. Total volume reached 56.1 million, with a notional turnover of ~$16.9 million, reflecting increased selling pressure and market activity during the pullback.

Structure & Formations

The 24-hour chart displayed a bearish trend, with price failing to reclaim key resistance levels above $0.0312. A bearish engulfing pattern formed on the 15-minute chart between 07:45 and 08:00 ET, confirming the shift in sentiment. Price found support at the 61.8% Fibonacci retracement of the $0.0312–$0.03154 swing, near $0.0296, suggesting a possible floor.

Moving Averages

The 20- and 50-period moving averages on the 15-minute chart crossed bearishly, reinforcing downward momentum. On the daily chart, the 50-period MA is below the 100- and 200-period MAs, suggesting medium-term bearish bias.

MACD & RSI

The MACD line crossed below the signal line early in the session, forming a bearish crossover. RSI dipped below 30 during the last 6 hours, indicating potential oversold conditions. However, the RSI divergence from price during the afternoon may hint at a near-term pullback, though a strong rebound seems unlikely without a clear reversal pattern.

Bollinger Bands

Bollinger Bands expanded following a period of consolidation between $0.0310–$0.0312. Price spent most of the session within the lower half of the bands, indicating bearish pressure. The recent move below the lower band suggests a potential continuation of the downtrend.

Volume & Turnover

Volume spiked during the 07:45–08:00 ET session as price broke below key support. Notional turnover increased sharply in tandem, validating the bearish move. Divergence in volume during the late afternoon failed to confirm any short-covering attempts.

Fibonacci Retracements

Key Fibonacci levels derived from the $0.0312–$0.03154 move played a significant role. Price found support at the 61.8% level ($0.0296), and the 38.2% level ($0.0303) failed as resistance earlier in the session. These levels may continue to dictate near-term behavior.

The outlook for the next 24 hours remains bearish, with the potential for further downside if the $0.0296 level fails. A rebound to test the $0.0302–$0.0303 range could occur, but conviction is limited. Traders should remain cautious and monitor volume and RSI for reversal cues.