IoTeX Price Forecast: What Next After the 50% Plunge?

The IoTeX price is attempting to make a comeback. IOTX, its native token, is trading at $0.1290, which is a few points above last week’s low of $0.1030. The coin is trading at its highest level in about 10 days. This has brought its total market capitalization to about $1.2 billion, making it the 98th biggest blockchain project in the world.

Internet of Things (IoT) is one of the fastest-growing industries in the world. It has been enabled by the relatively faster internet thanks to 5G network and robust fibre optic network. 

Devices processing power has also helped, thanks to products by companies like AMD and Nvidia. As a result, there are currently millions of connected devices around the world. Think of items like smartphones, cars, computers, and televisions.

IoTeX is a blockchain project that helps to accelerate the industry and make it more decentralized. This explains why its price jumped sharply a few weeks ago. At the same time, its smart contract features have pushed more developers to build apps based on its technology.

IoTeX price prediction

The daily chart shows that the IOTX price surged in November as investors cheered the trends in the IoT industry. This rally pushed its price to an all-time high of $0.26%. Today, the current price is about 50% below its all-time high. 

The IoTeX price has moved to the 25-day and 50-day moving averages (MA). It has also found substantial support at about $0.1015 level. Therefore, there is a likelihood that the price will keep rising as bulls target the key resistance level at $0.15. However, in the long-term, there is a possibility that bears will prevail.

IoTex Price