IOTX was the best-performing project in the cryptocurrency sector last week with a 100% gain.
IOTX is being talked of as another competitor to Ethereum and is the native token for the open-source blockchain IoTeX. The platform provides smart contracts, decentralized apps and support for Internet of Things (IoT) devices. The platform is Ethereum Virtual Machine (EVM) compatible, which gives developers a smooth transition to move their apps to the network.
Last week saw support from oracle provider Chainlink, who announced a grant to Protofire to integrate Chainlink oracles into IoTeX, saying:
“As Protofire has extensive experience securely integrating Chainlink into multiple blockchains, we expect that the IoTeX integration will also be seamless and timely.”
IOTX now has a market cap of $1.94 billion with a rank of number 72 in the list of coins by market cap. The project is now planning to enter the thriving play-to-earn sector and recently announced a strategic partnership with the NFT game PlaceWar.
IOTX Price Analysis
The price of IOTX has rallied from $0.06 in early November to test highs near the $0.40 level. The price has since faded towards the $0.25 level but the technical setup should see the coin find new support levels ahead of the $0.15 level. That would the zone to look for a buy opportunity and another leg higher in a coin that has not yet grabbed a lot of media attention.