IOTX price peaks after Coinbase listing, Binance perpetual swap launch

Key Takeaways

• IoTeX gains listing on US crypto trading platform Coinbase Pro.
• Binance crypto exchange launched IOTX perpetual contracts margined by USDT
• As a result, the IOTX daily chart registered an all-time high after a 619% rally.

YEREVAN (CoinChapter.com) — IOTX, the native token of IoTex, an IoT-based blockchain platform, rose 619% in just four days of trading.

In detail, the IOTX/USD exchange rate peaked at $0.151 during the Asian-Pacific session Thursday but corrected lower to $0.120 afterward on profit-taking sentiment.

IOTX’s explosive price rally surfaced on the news of its Coinbase Pro listing and gained further momentum in the wake of its collaboration with Binance.

Starting August 10, Coinbase Pro users gained rights to make inbound transfers of IOTX tokens to their official exchange wallets. In addition, the exchange enabled IOTX trading a day later after ensuring that it had enough liquidity to do so.

Also read: Coinbase stock hits three-month high following 1,000% yearly earnings boost

As stated, Binance, the world’s leading cryptocurrency exchange by volume, also boosted IOTX’s upside prospects after launching its perpetual swap contracts. In detail, perpetual contracts are a form of derivatives trading that enables users to open contracts without imposing any specific time limit on their expiry.

Binance launched the IOTX perpetual swap contracts with 25x leverage, allowing traders to take as much as 25 times leverage on their upside or downside bets on the IoTeX token.

Binance noted that USDT would margin the trading, and the contracts will subsequently use USDT as collateral.

Also read: the US mutual fund giant launches Bitcoin fund

IOTX daily chart

IOTX logged a new all-time high at $0.151 on Thursday. The price subsided slightly and stood at $0.120 an hour before the London session opening bell.

The volatile price action sent the relative strength index (RSI: momentum indicator, purple graph) far into the overbought territory. An RSI higher than 70 is a red flag that the asset could be overbought. Traders typically pull their funds once there is a risk of betting on an overbought coin.

On the chart below, the IOTX’s RSI went up to 95 before adopting a more horizontal trajectory.

The violent price explosion might subside in the upcoming sessions, but the real news behind the rally remains positive. Both the Coinbase Pro listing and the Binance perpetual contracts will broaden IoTex’s exposure. The project will reach more users and traders in the future.

Also read: BitTorrent’s BTT looks at imminent dip post 25% rally into overbought territory.