The IoTeX price is holding steady even as Bitcoin and other altcoins retreat. The IOTX token is trading at $0.1320, which is about 30% above the lowest level this week. Its market capitalization has risen to about $1.2 billion, making it the 81st biggest cryptocurrency in the world.
IoTeX is a blockchain project that seeks to power billions of devices and decentralized applications across the physical and digital world. This is a major industry because of the rising number of devices globally. It is estimated that there will be more than 100 billion connected devices globally by 2030.
It is unclear why the IOTX price is rising even as other coins struggle. A possible reason is that the market is cheering the IoTeX Foundation partnership with Covalent. Covalent is a leading company that provides indexing services for blockchains.
Its data supports about 25 billion transactions and more than 30,000 price feeds. Some of the top blockchains supported are Binance Smart Chain, Ethereum, Polygon, and Elrond among others. It is worth noting that IoTeX also has a relationship with Chainlink.
The daily chart shows that the IoTeX price has rebounded after it dropped by more than 60% a few days ago. The coin is still slightly above the ascending trendline that is shown in black. It has also moved to the 25-day and 50-day EMA. The coin is slightly below the important resistance at $0.1510, which was the highest point on August 12.
Therefore, there is a likelihood that the coin will have a break and retest pattern. This means that the existing bearish trend is still on for now. This view will be invalidated if the price manages to move above the key resistance at $0.20.
This post was last modified on Dec 14, 2021, 09:11 GMT 09:11