IoTeX Price Has Just Gone Parabolic. What Next for IOTX?

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The IoTeX price popped sharply on Tues­day morn­ing as Bit­coin and most alt­coins remained in a vibrant mood. The IOTX coin is trad­ing at $0.092, which is the high­est it has been since Feb­ru­ary this year. It has rebound­ed by over 48% from its low­est lev­el this year, bring­ing its total mar­ket val­u­a­tion to over $880 million. 

IoTeX is a plat­form that is at the inter­sec­tion of blockchain tech­nol­o­gy and Inter­net of Things (IoT). The idea is to mar­ry two of the fastest grow­ing indus­try that have a total address­able mar­ket (TAM) of bil­lions of dol­lars. Today, IoTeX helps to pow­er some devices that are solv­ing some of the biggest chal­lenges in the world. For exam­ple, it pow­ers UCam, a blockchain-pow­ered home secu­ri­ty cam­era. It was also used to build Peb­ble, a mul­ti-sen­sor data ora­cle that con­verts real-world data into blockchain data. 

Devel­op­ers build­ing DeFi appli­ca­tions have also embraced IoTeX. Accord­ing to DeFi Lla­ma, some of the apps built using the net­work are Mimo, Fii­da, Zoom­Swap, and xDol­lar. These plat­forms have a total val­ue locked (TVL) of over $70 mil­lion. It is unclear why the IoTeX price popped sharply on Tues­day, but a pos­si­ble rea­son is that its TVL has made a turn­around in the past few days.

IoTeX price prediction 

The four-hour chart shows that the IOTX price went par­a­bol­ic on Tues­day after spend­ing a few days in a con­sol­i­da­tion mode. As it rose, the coin moved above the key resis­tance lev­el at $0.083, which was the high­est lev­el in March. It strug­gled to move above this lev­el sev­er­al times this month.

The MACD has con­tin­ued mov­ing upwards while the coin remains above the 25-day and 50-day mov­ing aver­ages. There­fore, there is a like­li­hood that the IoTeX price will keep ris­ing as bulls tar­get the next key resis­tance lev­el at $0.10. A move below the sup­port at $0.083 will inval­i­date this view.

IoTeX price

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