- Last year, the trading price of the IOTX crypto rose by 215%.
- The annual inflation rate of the crypto is negative.
IoTX, launched in 2017, is a privacy-centric blockchain for IoT. Its native token, IOTX, fuels transactions, staking, and governance. With Roll-DPoS consensus, it supports millions of devices.
EVM compatibility enables ETH smart contract migration. Over 100 delegates ensure decentralization. Projects like Ucam and Pebble highlight its diverse ecosystem. Founded by engineers from Google, Facebook, and Uber.
The volatility of the Iotex token is very high resulting in 15.09% as per Coincodex. Despite this, the market cap of the token has declined by 7.9% in the last 24 hours resulting in a market cap value of $706.984 Million.
Furthermore, the market cap dominance of the crypto is 0.03% and the sentiment of the Iotex crypto is neutral. The fear and greed index of the crypto is at 83 indicating extreme greed.
The crypto was released on April 20, 2018, and since then it hit an all-time high price of $0.2611 on November 13, 2021. Also, the all-time low price recorded for the crypto is $0.001239 and since then the price has advanced by 5993%.
The trading volume for the Iotex crypto further advanced by 21.7% in the last 24 hours resulting in a traded value of $63.615 Million. Also, the market cap ranking of the token is 124th in the global cryptocurrency market.
Iotex Token Supply Overview
The Onchain market cap of the Iotex crypto is $755.08 Million followed by a circulating supply market cap of $712.9 Million. The current circulating supply of the token is 9.441 Million IOTX which is similar to its total supply.
The maximum supply of the token is 10.0 Billion IOTX followed by a negative supply inflation of -0.08%.
Iotex Crypto Derivatives Analysis
The crypto has witnessed a huge long liquidation of $208.34K against the short liquidation of just $2.28K. The derivatives trading volume of the token has further advanced by 15.8% in the last 24 hours.
The open interest of the crypto has faced a decline of 12.0% in the last 24 hours and the long/short ratio of the crypto is 0.8786. This represents the sellers’ dominance over the last 24 hours.
Volume Vs Price For Iotex Token
While the price of the token has been consistently advancing over the last few weeks, the volume of the token does not show any significant activity in times.
Also, a huge surge in the trading volume was witnessed in February 2024. The following surge in the volume is enough to support the uptrend of the token.
IOTX Crypto Technical Analysis
The current price of loTeX is $0.07506, which is down 7.17% from the previous day’s close. Looking at the most recent scenario, the trading price of the crypto is witnessing a decline while the larger timeframe is indicating a strong uptrend.
Thus, by merging the daily and the weekly charts it can be seen that the price is currently retracing from an uptrend and might continue to advance to higher levels in the future.
IOTX/USD Chart by TradingView.com
On the daily chart, the IOTX token price is trading above the 50 and the 200-Day EMAs followed by a golden cross on the daily chart. This indicates a strong uptrend and presence of buyers.
The ADX indicator is also trading at a level of 48.9 indicating strength in the preceding trend of the crypto.
The MACD and the signal are also trading above the zero level followed by the bullish crossover. Furthermore, the bullish histograms are formed on the chart.
Summary
Despite recent price rejection, IoTeX’s IOTX token has seen a remarkable 215% increase in the past year. With negative inflation and strong technical indicators like a golden cross and bullish ADX and MACD signals, the token presents a bullish outlook for continued uptrend potential.
Technical Levels:
- Support Levels: $0.370 and $0.5230
- Resistance Levels: $0.1160 and $0.1750
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.