IoTeX rallies over 85% eight days after Travala listing — But there’s a catch

ASSAM (CoinChapter.com) — IoTeX (IOTX), a platform known for being fast, secure, and connecting real-world data to blockchain technology, partnered with Travala, turning the native token, IOTX, bullish, as it rallied 85% in nearly eight days.

According to the Twitter announcement by Travala, IOTX “can be used to book +3 million travel products.” The token holders can book more than 2 million hotels and flights from over 600 airlines quite easily. To celebrate this partnership, IoTeX and Travala also gave users a chance to win $900 in gift cards.

IOTX is aboard a bullish train as prices rose by nearly 260% in August alone. For November, the IoTeX token has proven to be an excellent investment, rising more than 44% in the week ending Nov 1. For the week ending Nov 8, the token is already up by more than 60%.

Although cumulatively, the coin rose by more than 85%, eight days after the announcement by Travala, the future doesn’t seem to be all glorious for IoTeX.

The catch for IoTeX holders

The situation doesn’t seem too bright as according to the daily chart provided by TradingView below, the prices are trending near the upper trend line, representing the multi-month resistance.

A clear drop in the upward momentum is seen in the chart as volumes are also going down. The bulls are quick not to let the prices drop, but the selling pressure is high enough to delay the formation of higher highs. In short, a rising wedge is seen in the daily chart below.

As a result, the multi-month resistance trend line might continue to prove a barrier for the price action as the divergence between prices and volume can be witnessed. While a breakdown is imminent and the two trendlines of support and resistance seem to be converging, the general trend states that the prices will fall to the first pivot high where the upper trendline is connected.

In this case, the first pivot high is present at $0.079. Therefore, if the rising wedge leads to a breakdown in the coming days, a price drop towards $0.079 is possible.