- IoTeX price noted vertical actions on Tuesday.
- The token rallied to its highest mark since 2022 January.
- We explain the reason behind the token’s rally.
IoTeX price experienced a sharp jump on Tuesday as market players continued to buy dips on different altcoins. The upswings had IOTC rising to an intraday peak of $0.1152, its highest mark since 22 January this year. The alt was up 82% from its yearly low.
IoTeX is a crypto project in the IoT (Internet of Things) marketplace. It aims to connect multiple devices in existence using blockchain. The devices include things such as smartphones and computers. Its technology will allow the devices to communicate with humans via smart contracts. With that, machines can handle specific tasks as automated contracts trigger selling and buying or different tasks. It can also connect with other cryptos.
Moreover, IoTeX is among the upcoming players in the DeFi market. DeFi Llama shows around ten decentralized finance apps created with the network. They boas a TVL of $249 million, thus larger than multiple renowned platforms such as Theta, Stacks, and Kusama.
Some leading decentralized finance apps using IoTeX include Mimo, Zoomswap, ioTube, and Filda. As IoTeX is somewhat a new project, its price surges probably due to expectations that its network will keep growing.
Another potential reason behind the IoTeX price surge is the developer announcing the Pebble Pioneer NFT launch. Indeed, the ongoing bullish run in the crypto market supported IOTX surges. The crypto spectrum has been green over the past few sessions. That way, it triggered upticks in digital coins, including IoTeX.
IoTeX Price Forecast
The 4hr chart shows IOTX price securing a massive bullish bias within the last few days. That saw the alt moving past an ascending channel formation. The alt also moved beyond the 25- and 50-day MAs. For now, IOTX is slightly beneath the 50% FIB retracement mark.
Therefore, the IoTeX price will likely retreat to retest the 38.2% FIB retracement zone at $0.097. This price move will occur as market players book profits since the token gained over 70% from YTD lows.
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