IOTX/USDT: On Buying area, Direct rise expected
Brian Leclere - 09 June 2022 - APP IOTX MARKET_MINDS MEDIUM_TERM
—- Mid-term Analysis for the next coming 4 weeks to 3 months – Daily on Daily Chart (LOG)——-
IOTX/USDT: On Buying area, Direct rise expected
Context
– The Global Crypto market leads by BTC and ETH is still evolving within a bearish market configuration. Like the others digital assets IOTX suffered about negative global market situation
– However we are focus on a key buying area now on this coin and we expect a fast and quick recovery regarding technical element
Market configuration
– Graphical Elements :
Graphical Resistance = 0,081 & 0,2610
Graphical Support = 0,025 & 0,01280
– Mathematical Indicators:
EMA ( Exp Moving averages) are still capping the market = Bearish
RSI indicator (below) is bouncing off key support = Bullish
– Elliot & Harmonic Wave (Fibonacci):
Fibonacci Target (c) (B) has been already reached = 0,2830
Fibonacci resistance of the wave in progress = 0, 052
Fibonacci support of the wave (c) (B) (max extension) = 0,01280
Fibonacci Bullish Target = 0,081 (auto-similar move)
Conclusion
Preferred case => Regarding the mid-term element, IOTX is offering the perfect entry area for a mid-term portfolio configuration in order to anticipate a bullish exit towards 0,052 and 0,081 as long as 0,025 remains support – In extension a larger rise towards the previous top at 0,2610 can’t be ignored
Source: Market Minds, by AKT.IO
