Uptick More Likely to Be a Transient Move
What is the IoTeX price prediction now that the Federal Reserve blew expectations out of the water with an aggressive 75bps rate hike?
The response in the crypto market appears to have been largely positive as the US Dollar appeared to have weakened slightly with this hike. As of Wednesday evening London time, most of the cryptos had recovered a little of their lost ground on the day, following the largest single rate hike by the Fed in 28 years.
IoTeX reversed all its earlier daily losses and is now up 5.56% as of writing. For the IOTX/USDT pair, this is the 2nd straight day of recovery, but this does not bring the token anywhere close to where it was four days ago.
Currently, there are no other bullish triggers for IoTeX price predictions. The launch of the Hardfork earlier in the month and the launch of the Web 3.0-compatible staking wallet did not move buyers as bearish sentiment dominated. With prices now close to record lows, what are the IoTeX price predictions heading into the end of the 2nd quarter?
IoTeX Price Prediction
The 4-hour chart reveals the presence of an evolving double bottom pattern. The price action needs to break the 0.02927 resistance (neckline) to complete the pattern and clear the way for a measured move that is expected to terminate at 0.03339. Above this level, additional price targets to the north are seen at the 0.03653 resistance mark (8 June high) and at the 0.04111 resistance level. 0.04347 is also a potential target to the north, but it only becomes viable if 0.04111 gives way.
On the flip side, rejection at the 0.02927 resistance allows the bears to aim at the 0.02291 price mark (12 May and 14 June low). A breakdown of this support level opens the door toward the 0.01456 support, leaving 0.00630 as a multi-month pivot (31 December 2020 lows) that forms an obstacle before the 9 May 2020 low at 0.00255 enters the mix.
IOTX/USDT: Daily Chart
