Market & Ticker: IoTeX – IOTX/USDC

Date: 06/12/2024

Horizon / Timing: Tactical Mid-term / 1 to 3 months

Scenario: 

August 2024 : IOTX has been evolving in descending range since MARCH 2023. This Range is forming a base for a long-term perspective. We do expect a bullish momentum to test the upper part of the range before following the capacity of the token to exit from the pattern and reached previous ATH.

Update: At the current level as long as 0.049 remains a tactical support valid a larger rise towards 0.075 is expected before 0.093. On the midterm 0.093 is the standard target and 0.1080 the long-term standard target.

Technical Key Elements:

• Auto similar move at 0.1080
• RSI indicator is above 50% and keeps potential – No divergence
• The Moving average are support
• Fibonacci key support is adjusted at 0,049 while the Elliot wave shows upside potential towards 0,075 and 0.1080

Trade Idea conclusion: Buy 

• Strategic Target 0,1080
• Tactical Target 0,093
• Tactical Target 0,075 
• Tactical key support (Pivot) 0.049 (Daily close)

Chart: Daily Basis (Candle Stick) - Logarithmic 

Indicators: Exponential Moving Average (21/34/89) - RSI (21)

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