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Synopsis: IOTX price continued rising on November 12, the second day of the presentation that was held in person, The really was also fueled by Chainlink’s announcement, that they had awarded a grant to the IOTEX team, a few days ago to assist in the integration of their oracles.
At the moment, IOTX’s bullish momentum appears to have run out of steam, as the asset has dropped more than 26% in the past 24 hours, in a correction that is threatening to undo all the gains, made during the recent rally. This is validated by the formation of a V top chart pattern as seen on the four hour chart.

A V top chart, pattern occurs when there is a sudden rise in the price of an asset, followed immediately by a complete retracement, of the bullish movement.
Therefore, if the current price action continues, IOTX will drop to tag the target of the prevailing chart patten at 0.132 $, This will represent a 21% drop from the current price, embraced by the 50 period Simple Moving Average.
However, the bearish IOTEX price prediction may be invalidated if bulls are able to push the IOTX price, above the resistance provided by the downtrend line of the V top pattern, around 0.170 $, If this happens, IOTEX price could rise to re-test the resistance at 0.183 $.



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