IoTeX Price Prediction — Will IOTX Hit $0.5 Soon?
- Bullish IOTX price prediction is $0.0444 to $0.25825.
- The IOTX price will also reach $0.5 soon.
- IOTX’s bearish market price prediction for 2022 is $0.02480.
In IoTeX’s (IOTX) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and much other information about IOTX to analyze the future movement of the cryptocurrency.
IoTeX Current Market Status
According to CoinGecko, the price of IOTX is $0.03988092 with a 24-hour trading volume of $60,623,217 at the time of writing. However, IOTX has decreased 7% in the last 24 hours.
Moreover, IOTX has a circulating supply of 9,490,829,322 IOTX. Currently, IOTX trades in cryptocurrency exchanges such as Binance, Bybit, DigiFinex, KuCoin and Crypto.com Exchange.
What is IoTeX (IOTX)?
IoTeX (IOTX) is an Ethereum token that powers IoTeX, a platform that connects IoT devices (like cameras and sensors) and decentralized applications. IOTX can be used to pay for transactions, stake and govern the IoTeX network, and register new devices.
IoTeX is aiming to become like the spinal cord and nervous system of IoT systems.IoTeX is designed to connect the physical world of internet devices block by block and will be both fast and scalable. IOTX token is an ERC-20 token that will be swapped to a native token. Once swapped the native token will tale the ticker symbol IOTX and will be mineable for the next 50 years. IOTX can be stored in any ERC-20 compatible wallet, however, once it is swapped for the native IOX token that native IoTeX wallet will need to be used.
IoTeX (IOTX) Price Prediction 2022
IoTeX holds the 129th position on CoinGecko right now. IOTX price prediction 2022 is explained below with a weekly time frame.
A descending channel is a chart pattern formed from two downward trendlines drawn above and below a price representing resistance and support levels. The descending channel pattern is also known as a falling channel or channel down. The upper line is identified first, as running along with the highs and is called the trendline.
The lower line is identified as parallel to the trendline, running across the bottom. It is a bearish chart pattern defined by trendline support the series of lower lows and a diagonal resistance level connecting the lower highs.
Currently, IOTX is in the range of $0.03988092. If the pattern continues, the price of IOTX may reach the resistance levels of $0.06170, $0.11065 & $0.26500. If the trend reverses, then the price of IOTX might fall to the support level at $0.02690.
IoTeX (IOTX) Support and Resistance Level
The below chart shows the support and resistance level of IOTX.
From the above daily time frame, it is clear the following are the resistance and support levels of IOTX.
- Resistance Level 1 – $0.0444
- Resistance Level 2 – $0.06705
- Resistance Level 3 – $0.11643
- Resistance Level 4 – $0.16975
- Resistance Level 5 – $0.25825
- Support Level 1 – $0.02480
The charts show that IOTX has performed a bullish trend over the past month. If this trend continues, IOTX might run along with the bulls overtaking its resistance level at $0.25825.
Accordingly, if the investors turn against the crypto, the price of the IOTX might plummet to almost $0.02480, a bearish signal.
IoTeX Price Prediction 2022 — RVOL , MA, and RSI
The Relative Volume (RVOL) of IOTX is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, the RVOL of IOTX lies above the cutoff line, indicating stronger participants in the current trend.
More so, the IOTX’s Moving Average (MA) is shown in the chart above. Currently, IOTX is in a bearish state. Notably, the IOTX price lies below 50 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of IOTX at any time.
Meanwhile, the relative strength index (RSI) of the IOTX is at level 41.70. This means that IOTX is in a nearly oversold state. However, this means a major price reversal of IOTX may occur in the upcoming days. So, traders need to trade carefully.
IoTeX Price Prediction 2022 — ADX, RVI
Let us now look at IoTeX’s Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
The above chart represents the ADX of IoTeX. Currently, IOTX lies in the range of 25.5227, so it indicates a strong trend.
From the above chart, the Relative Volatility Index (RVI) of IOTX. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of IOTX lies above the 50 levels, indicating that the direction of volatility is high. In fact, IOTX’s RSI is at a 41.70. level thus confirming a potential high signal.
Comparison of IOTX with BTC, ETH
The below chart shows the price comparison between Bitcoin, Ethereum, and IoTeX.
From the above chart, we can identify the trend of the ETH and BTC is moving at the same level as the trend. This indicates that when the price of BTC increases or decreases, the price of ETH and IOTX also increases or decreases respectively.
Conclusion
With continuous improvements in the IoTeX network, we can say that 2022 is a good year for IOTX. For this reason, the bullish price prediction of IoTeX in 2022 is $0.25825. On the other hand, the bearish IOTX price prediction for 2022 is $0.02480.
Furthermore, with the advancements and upgrades on the IOTX ecosystem, the performance of IOTX would help to reach above its current all-time high (ATH) $0.255593 very soon. But, it might also reach $0.5 if the investors believe that IOTX is a good investment in 2022.
FAQ
IoTeX is a directed acyclic graph (DAG) smart contract platform providing decentralized finance (DeFi) services to developers using its own bespoke consensus algorithm.
IOTX has listed on many crypto exchanges which include Binance, Bybit, DigiFinex, KuCoin, and Crypto.com Exchange.
With the ongoing developments and upgrades within the IOTX platform, it has a high possibility of reaching its ATH soon.
On November 13, 2021, IOTX reached its new all-time high (ATH) of $0.255593.
IoTeX (IOTX) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of IOTX in the past few months, IOTX is considered a good investment in 2022.
IoTeX (IOTX) is one of the active cryptos that continues to maintain its Bullish state. Eventually, if this bullish trend continues then IoTeX (IOTX) will hit $0.5 soon.
IoTeX (IOTX) price is expected to reach $0.8 by 2023.
IoTeX (IOTX) price is expected to reach $1 by 2024.
IoTeX (IOTX) price is expected to reach $1.7 by 2025.
IoTeX (IOTX) price is expected to reach $3 by 2026.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Read more: https://thenewscrypto.com/iotex-iotx-price-prediction
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
