The IoTeX price is in a strong bullish momentum as user growth rises and as investors attempt to find the next big thing in cryptocurrencies. The IOTX price is trading at $0.2185, which is about 295% above the lowest level in October. This rally brings its total market capitalization to more than $1.35 billion.
Does IoTeX have a future?
IoTeX is a blockchain project whose development started in 2017. Its mainnet was launched in 2019 and has experienced remarkable growth since then. The platform’s goal is to build the internet of trusted things, where physical and virtual things can coexist. The key actors in the network are humans, businesses, dApps, and machines.
For example, using the platform, humans can seamlessly interact with machines while machines can intract with other machines. Businesses can also interact and collaborate with other companies. This process is relatively similar to what IOTA is attempting to address.
Since its founding, IoTeX’s platform has grown to more than 8,900 devices and processed more than 14 million transactions. Just recently, the platform experienced about 4,600% user growth in less than a month.
The IoTeX price is rising because of the growing trend of metaverse. Just last week, Facebook announced that its holding company will be known as Meta Platform. Microsoft has also moved to embrace the industry. IoTeX is therefore rising because investors expect that it will do well in an era when humans interact in a virtual world.
It is also rising because of the unveiling of Pebblef, a device it showcased at the CES. The product started shipping last week. It is a handheld device that captures real-world data like motion, humidity, and light. The device will be used by both individuals and companies to capture data that cannot be hacked.
IoTeX price prediction
The four-hour chart shows that the IOTX price has been in a narrow range in the past few weeks. This narrow range was the calm before the storm since the price made a major bullish breakout recently. Within a matter of days, IoTeX was up by more than 300%.
Now, the price has moved significantly higher than the short and longer-term moving averages while the MACD has risen to the highest level on record.
For now, the coin will likely keep rising as more investors pile into it. However, in the near term, the coin will likely retreat.