It seems that there is something bullish brewing in the IOST market, especially in the pair with USDT, as the price has finally made it above the 200 EMA on the daily time frame. And while IOST isn’t the most appealing cryptocurrency from the fundamental standpoint - the objective of creating the Internet of Service Tokens for corporations sounds good on paper, but looks unfeasible with project market capitalization of just $84 million - the price action, especially the one from the past month, began to draw the attention of traders towards the currency that is based on the consensus algorithm labeled as Proof-of-Believability.
IOST might be preparing to take off
Similarly to the overwhelming majority of altcoins, the year 2019 wasn’t particularly fruitful for IOST as it had lost 50% of its value since last June, although back then, the market was soaring as the bull rally was gaining a lot of momentum.
The current situation in the IOST market, and the cryptocurrency market in general, is quite different now, as all participants are still shaking off the stress of the so-called coronavirus crash.