Down channel and synchronized move of price action with indicators:
Since August 2019 the price action of IOTEX was moving in a and this move on was very much synchronized with some indicators: the Momentum, and moving average convergence divergence indicator. If we take closer look at the chart then we notice that 1st the price action reached at the support and the turns bluish and the gave bull cross from the oversold zone and also turned and priceline of IOTX started more than 124% rally. And in the month of October 2019 the price action again reached at the support then we again receive the indications by the same signals and this time the IOTEX produced more than 29% rally.
In December 2019 IOTX received the same signals by these indicators this time the priceline did not reach up to the support and it was moving sideways at the middle of this channel. And from here the priceline moved up and produced more than 55% gains. Then the priceline again dropped at the support in the month of March 2019. And we can observe the same signals by the , Momentum and indicators in the last week of March then again price action turned strong and produced more than 200% rally. This time the price line of IOTX produced most powerful rally because the IOTX announced the launch of mainnet on 1st June 2020.
Moon phase and bands:
On the same I have also placed the Moon phase indicator and on the chart it can be seen that above the price line are the full moons and below the priceline are the dark moons. The distance from one to another and from one dark moon to another dark moon is called synodic cycle. And this synodic cycle is 29.5 days long. Before the recent strong move we can see that recent was appeared below the resistance of the channel. And the dark moon was a appeared below the support of this that was signal and it was indicating that the pipeline will be not able to break out the resistance of the channel. And if we see the position of the then it was also very sqeeze and it was also within the channel. Therefore IOTEX had another resistance before the resistance of the channel that was big hurdle for the price action to reach up to the resistance for the breakout.
But now after the recent strong move the is a appeared at very high altitude and the is also moved above the resistance and stretched that is a clear indication that it is paving the way for the priceline for the breakout. Therefore it is expected that the next dark moon will be appeared above the support of the channel.
Support and resistance levels:
Now if we switch to the long term weekly chart to see the long-term levels. Then after the move of March 2020 the price action found a new support at 0.00000029 sats . And it is bounced from there and crossed up the next of 0.00000029 sats . Now the price action is moving sideways or it may re-test the previous resistance as a support and move to the next of 0.00000073 sats . Once the resistance of 0.00000073 sats will be broken out then upto 0.00000157 sats the priceline of IOTEX does not have any significant resistance between this area. Therefore from 0.00000073 to 0.00000157 sats the move can be rapid. And this move will be more than 115%.
Short term move:
On the priceline of IOTEX has formed a complete and at this time the price action has entered in the potential reversal zone of this . After initial leg the nex leg that is A to B has been retraced between 0.618 0.786 Fib level that is the first confirmation of the . Then the priceline is projected between 0.382 to 0.886 and this is a projection of A to B leg. And this is the second confirmation of . Now finally the price action has again retraced between 0.618 to 0.786 Fibonacci level and after this retracement the is confirmed. Therefore as per Fibonacci sequence the buying and sell targets can be as below:
Buy between: 0.00000049 to 0.00000039 sats
Sell between: 0.00000057 to 0.00000077 sats .
so this can produce upto 97% big move. However if the priceline will be able to cross up the 0.786 then it can turn even more .
Long term move:
On the long-term weekly chart the price action of IOTX has completed the formation of very big pattern. After initial leg the A to B leg is retraced between 0.618 to 0.786 Fibonacci level. Then B to C leg is projected between 0.382 to 0.886 . And this is the projection of A to B leg. Then finally the price action has been retraced between 1.27 to 1.618 and at this time the price line is moving within potential reversal zone of this . Here I would like to tell you that on the chart if we observe then 1.618 level goes in the negative zone and it is not possible for the priceline to enter in the negative price level. Therefore the potential reversal zone is from 0.00000062 sats to 0.00000001 sats , but it doesn't mean that I am giving you a suggestion to buy within this potential reversal zone and set your stop loss at 0.00000001 sats as it can be a big loss. As we have seen that the recent support of the price line is 0.00000029 sats therefore we can buy within the potential reversals zone and set our stop loss at 0.00000029 sats . Now as per Fibonacci sequence of and the recent the buying in sell targets can be as below:
Buy between: 0.00000062 to 0.00000029 sats
Sell between: 0.00000167 to 0.00000344 sats
So as per above targets the IOTEX has potential to
produce up to 1000% big gains.
Even after producing more than 200% rally the price action has again completed the setup for the next strong rally on the short time and on the long term as well.
Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.