IoTeX Market Overview: Volatility and Momentum in 24-Hour IOTXUSDT Action

• IoTeX (IOTXUSDT) formed a bullish engulfing pattern after a 12-hour decline, signaling potential short-term reversal.
• Price tested key support at $0.0230–0.0231 and rebounded, with RSI near oversold territory suggesting possible buying interest.
• Volatility expanded overnight, with Bollinger Bands widening to reflect increased uncertainty and potential breakouts.
• Volume surged early in the AM session, indicating renewed participation, though price failed to hold above $0.0235.
• Fibonacci retracement levels at $0.0233 and $0.0236 appear to be key watchpoints for near-term direction.

IoTeX (IOTXUSDT) opened at $0.02314 on July 16 at 12:00 ET and closed at $0.0233 on July 17 at the same time. The pair reached a high of $0.02358 and a low of $0.02251 over the 24-hour period. Total volume amounted to 50.8 million IOTX, while notional turnover was approximately $1,222,000.

Structure & Formations

IOTXUSDT displayed a bearish breakdown overnight, falling below the $0.0231 support zone and forming a short-lived bearish engulfing pattern. However, a bullish reversal emerged in the early AM hours, marked by a strong bullish engulfing pattern from $0.02282 to $0.02295. The price appears to have found support at $0.0230–0.0231 and has since consolidated above this level, with a potential double-bottom forming near $0.0228.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed below the price overnight, indicating bearish momentum. However, the 50-period MA has now crossed above the 20-period MA in the morning, suggesting a potential short-term bullish crossover. On the daily chart, the price remains above the 50- and 100-period MAs, indicating medium-term bullish bias.

MACD & RSI

The MACD crossed into negative territory during the overnight sell-off but has since crossed back above zero, signaling a potential short-term reversal. RSI bottomed near 30, suggesting oversold conditions and possible accumulation. Momentum appears to be shifting, with positive divergence forming between price and RSI in the AM hours.

Bollinger Bands

Bollinger Bands widened significantly overnight, reflecting increased volatility. Price briefly touched the lower band at $0.02251 before rebounding. The upper band currently sits near $0.0235–0.0236, which may act as a near-term resistance level. The price is currently consolidating near the middle band, suggesting a period of consolidation after the recent volatility.

Volume & Turnover

Volume spiked during the overnight sell-off, with a large candle at $0.02282–0.02289 confirming the support level. A second volume spike occurred in the early AM hours as price rebounded, suggesting renewed buying interest. Notional turnover increased in line with volume, with no significant divergence between price and turnover observed.

Fibonacci Retracements

Key Fibonacci levels from the overnight swing low at $0.02251 to the morning high at $0.02359 include 38.2% at $0.0232 and 61.8% at $0.02348. The price has tested the 38.2% level multiple times and appears to be consolidating near that area. A break above $0.02348 could target $0.0236–0.0237, while a retest of $0.0230–0.0231 remains a key support watchpoint.

IOTXUSDT may find direction in the next 24 hours based on whether it can break above $0.02348 or retest $0.0230–0.0231. While the bullish engulfing pattern and oversold RSI suggest short-term buying interest, traders should remain cautious of potential volatility and volume divergence.