The IoTeX price bullish momentum has faded in the past few weeks. The IOTX token is trading at $0.1570, which is about 40% below the highest point in November. It has a total market cap of more than $1.4 billion, making it substantially lower than that of IOTA.
IoTeX is a blockchain project that is disrupting the Internet of Things (IoT) industry. It is achieving this by connecting billions of devices and applications across the physical and digital world. This is a major industry considering that the number of connected devices is expected to rise to more than 100 billion in the next decade.
The IoTeX price made a major bullish breakout in November as interest in IoT cryptocurrencies rose. Its price surged by more than 360% from the lowest level in November. This rally brought its total market cap to almost $2 billion. This performance happened as more developers moved to the network. Also, the fear of missing (FOMO) helped push it higher.
The daily chart shows that the IoTeX price has been in a bullish trend in the past few months. The coin has jumped by more than 2,700% this year. It managed to move above the key resistance level at $0.15 in November. This was the biggest level since August 13th.
In the past few weeks, this bullish momentum has faded and the price is approaching the key support at $0.15. This is known as a break and retest pattern. In price action analysis, this pattern is usually a bullish sign. The coin has also formed a cup and handle pattern.
Therefore, I believe that IOTX price is down but not out. This means that it could rebound in the coming days. If this happens, the next key reference level to watch will be the all-time high at $0.2670.