IoTeX Price Soars 7% Amid PiggyCell Partnership – Bulls Eye $0.0372 Resistance Key
Highlights:
- IoTeX price increases 7% to $0.0192 as trading volume spikes 137%.
- This comes following DePIN, Piggy Celly Korea, partnering with IoTeX.
- Technical indicators show mixed reactions as the bulls aim to breach the $0.0372 resistance mark.
The IoTeX price has surged 7% to $0.0192, as its trading volume spikes 137%, showing renewed investor confidence. IOTX significantly emphasizes decentralization, making it an ideal platform for the Internet of Things. Instead of relying on centralized servers managing devices, IoTeX uses blockchain to create a network where devices can interact directly with each other.
Recently, the largest energy company, DePIN, Piggy Celly Korea, partnered with IoTeX and firmly established its bullish grip on the market. This partnership represents a significant leap forward in bridging blockchain technology with real-world infrastructure. By leveraging IoTeX’s cutting-edge solutions, Piggycell will unlock new opportunities for users and investors.
The largest Energy DePIN @piggycell in Korea is building with IoTeX! ⚡️
🤩 Facts: 13,000 charging stations, 100,000 batteries, 3 million users, 90% powerbank market share in South Korea!
DePIN Movement is Global! 🌐 https://t.co/1XvxfVVlXr
— IoTeX is at ETHDenver (@iotex_io) February 27, 2025
This decentralized model eliminates single points of failure and increases network resilience. Through this approach, IoTeX seeks to empower users and create a more open and accessible ecosystem for the growth of IoT.
IOTX Statistical Data
Based on CoinmarketCap data:
- IOTX price now – $0.0192
- Trading volume (24h) – $28.32 million
- Market cap – $181.73 million
- Total supply – 9.44B
- Circulating supply – 9.44B
- IOTX ranking – #248
The IOTX/USD daily chart indicates a prolonged bearish trend despite the price currently trading around $0.019, reflecting a 7% increase for the day. This is evident as the death cross in the market suggests an intense bearish thesis. The price remains below the 50-day MA ($0.0268) and the 200-day MA ($0.0372), signaling continued selling pressure.
Additionally, the downward slope of both moving averages suggests a lack of bullish momentum, which could lead to further declines. The price is, however, consolidating within the descending parallel channel, with an immediate support zone at the $0.016 mark. Failure to hold this level could cause IoTeX prices to drop. If sellers continue to dominate, a break below this support would trigger further downside risks, potentially leading to an extended bearish phase.
Can IoTeX Price Surge Above the $0.0372 Resistance Level?
On the flip side, if buyers manage to defend the current support zone, the bulls could initiate a strong rally, breaching the next resistance at $0.0268, aligning with the 50-day MA. However, for a significant trend reversal, IoTeX price must reclaim the 200-day MA at $0.0372 and break out of the descending channel.
A breakout above this barrier would confirm a bullish reversal, potentially driving prices toward $0.0663 in the medium term. However, given the current bearish structure, such a move would require strong buying momentum and increased trading volume.
On the flip side, if IOTX fails to sustain a recovery and sellers push the price below $0.016, bearish momentum could intensify, leading to a deeper correction. A zoomed outlook at the Relative Strength Index (RSI) reading at 40.86 shows indecision among traders, with the odds leaning towards the downside. Its position below the 50-mean level signals intense selling pressure.
However, the Moving Average Convergence Divergence (MACD) upholds a buy signal. This is manifested as the blue MACD line has crossed above the orange signal line, calling for traders to rally behind IOTX.
Traders should carefully watch price action around the current support level, as the break below would confirm further downside movement. In contrast, a bounce from current levels could provide a temporary relief rally, but the overall trend remains bearish unless the price breaks key resistance zones.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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