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.