Market Overview for IoTeX/Yen (IOTXJPY)

Summary
• Price declined from 1.135 to 1.101 amid low volume and consolidation.
• A bearish breakdown below 1.113 suggests short-term bearish bias.
• Volatility remains compressed with no significant volume spikes.
• RSI and MACD show weak momentum, signaling lack of conviction.
• Key support at 1.101 and resistance at 1.121 remain critical for reversal signs.

Market Overview
The IoTeX/Yen pair (IOTXJPY) opened at 1.135 on 2025-12-22 at 12:00 ET, reached a high of 1.135, fell to a low of 1.101, and closed at 1.101 by 2025-12-23 at 12:00 ET. Total traded volume over 24 hours was 216,056.0, while notional turnover stood at 241,762.32 JPY.

Structure & Moving Averages

Price action formed a descending channel with a breakdown below the 1.113 level, suggesting bearish continuation. On the 5-minute chart, moving averages (20/50) show a bearish crossover, reinforcing downward momentum. Daily moving averages (50/100/200) are not immediately available but likely in bearish alignment given the trend.

Momentum Indicators

MACD remains negative with no bullish divergence, and RSI is below 40, indicating weak buying pressure.

Price may continue to test key support levels unless a bullish reversal emerges.

Bollinger Bands and Volatility

Volatility appears compressed as prices remain within a narrow range on Bollinger Bands. The last significant move from 1.135 to 1.101 brought the price down to the lower band, suggesting increased bearish control.

Volume and Turnover

Trading volume remained exceptionally low for most of the session, with only a few spikes (e.g., 83,879 at 19:15 ET). Notional turnover moved in line with volume, showing no major divergences. The low volume may indicate a lack of conviction in the current bearish move.

Fibonacci Levels

The 1.101 level aligns closely with the 61.8% Fibonacci retracement of the recent 5-minute swing. Further support could be found at 1.100–1.098 if the downward trend continues. Resistance is expected at 1.121 and 1.135, the prior high.

Outlook and Risk

The bearish bias appears to have control for the next 24 hours, with a potential test of 1.100–1.098. However, a reversal above 1.121 could trigger a rebound. Investors should remain cautious and monitor volume for signs of conviction or exhaustion.