IoTeX price has moved sideways as investors look for a catalyst in the past few days. The IOTX token is trading at $0.078, where it has been in the past few days. It is slightly above the key support level at $0.062, the lowest point in the past two weeks. However, it is also about 70% below its all-time high, bringing its total market cap to about $744 million.
IoTeX is a blockchain project that seeks to improve the Internet of Things (IoT) world. The goal is to use the blockchain industry to connect billions of devices. This is expected to be a big industry as internet speeds increase worldwide. IoTeX is powered by the IOTX token, connecting the physical and digital world.
Today, a number of developers have embraced the IoTeX platform. Some of the top platforms in the ecosystem are mimo, StarCrazy, IoTube, and Machinefi. According to DeFi Llama, the network has a total value locked of more than $76 million, making it the 39th biggest ecosystem globally. The key catalysts for the IoTeX price will be the overall performance of Bitcoin, the growth of its ecosystem, and the Federal Reserve. On Wednesday, the Fed Chair hinted that he will start hiking interest rates in March even as risks of a stagflation rise.
Turning to the four-hour chart, we see that the IOTX price has been in a strong bearish trend. It dropped and tested the key support level at $0.061 this week. This was a key support area because it struggled to move below it last week.
The bearish trend is still being supported by the 25-day and 50-day moving averages (MA). It is also slightly above the key support at 78.6% Fibonacci retracement level. Therefore, there is a likelihood that the IoTeX price will have a bearish breakout. This view will be confirmed if it manages to move below the support at $0.061. On the other hand, a move above $0.10 will invalidate this view.
This post was last modified on %s = human-readable time difference 11:07