Why is IOTX’s price down today? (11/02/2026)

Question

Accepted Answer

## TLDR
IoTeX is down 6.37% to $0.00537 in 24h, underperforming a falling broader market, primarily driven by a risk-off shift that is pressuring altcoins more severely than Bitcoin.

1. **Primary reason:** Broader market sell-off, with altcoins bearing the brunt of negative sentiment as Bitcoin struggles.
2. **Secondary reasons:** Sector rotation away from altcoins and high-volume selling pressure indicating local capitulation.
3. **Near-term market outlook:** Continued pressure likely unless Bitcoin finds stability above $67,000; a break below IOTX's $0.0050 support could trigger a deeper drop toward $0.0045.

## Deep Dive
### 1. Broader Market Risk-Off Shift
IoTeX is moving in the same direction as Bitcoin (down 1.31%), but its decline is nearly five times steeper. This is characteristic of a high-beta altcoin during a risk-off period where capital flees to perceived safety. The overall crypto market cap is down 1.58%, with sentiment in "Extreme Fear" (Fear & Greed Index at 9). The move appears driven by macroeconomic caution ahead of key U.S. data, not a coin-specific catalyst.

**What it means:** In fearful markets, altcoins like IoTeX often experience amplified selling pressure as traders reduce risk exposure.

**Watch for:** Bitcoin's ability to hold the $66,000–$67,000 zone, which would be crucial for stemming the altcoin bleed.

### 2. Altcoin Sector Outflow & Selling Pressure
The CMC Altcoin Season Index sits at 27, down 15.62% over the past week, signaling capital is not rotating into altcoins. IoTeX's 24-hour trading volume spiked 61.79% alongside the price drop, indicating high-volume selling or capitulation.

**What it means:** The market is in a defensive "Bitcoin season" posture, leaving smaller-cap tokens vulnerable to outflows.

### 3. Near-term Market Outlook
The immediate trigger is the broader market's reaction to macroeconomic data, with the next U.S. CPI report due February 14. For IoTeX, holding above the $0.0050 support is critical. If selling pressure persists and this level breaks, the next major support lies near $0.0045. A recovery would require reclaiming the $0.0058 resistance level and a broader shift in altcoin sentiment.

**What it means:** The trend is bearish, with downside risk prevailing in the short term.

**Watch for:** A daily close below $0.0050 as a sign of accelerating selling.

## Conclusion
**Market Outlook: Bearish Pressure**
IoTeX is caught in a potent mix of broad market fear and altcoin sector de-risking, leading to an outsized decline. Without a positive shift in Bitcoin's trajectory or a coin-specific catalyst, the path of least resistance remains down.

**Key watch:** Monitor whether Bitcoin stabilizes and if the $0.0050 support level holds to gauge if the selling is exhausting.

Latest IoTeX (IOTX) Price Analysis

Deep Dive

1. Broader Market Risk-Off Shift

2. Altcoin Sector Outflow & Selling Pressure

3. Near-term Market Outlook

Conclusion

Explore Similar Coins

Zilliqa

Ankr

Holo

The Sandbox

Loopring

Harmony