We are in a digital era where physical labor is gradually shifting towards automation through machine learning and artificial intelligence. But this digitalization requires human input, and this is where Iotex comes in.
Iotex cryptocurrency enhances the interaction between humans and machines and creates a platform that promotes the coexistence of physical and virtual things. The blockchain project focuses on Internet of Things (IoT) devices and enhancing the future of machine learning in the workforce. The platform has grown since its inception to process over 14 million transactions and connects 9200 different devices and according to TradingBeasts’ IOTX coin price predictions, it is forecasted that IoTeX will continue it’s bullish trend in the upcoming months as well.
Price Movement
According to data from CoinMarketCap, the coin grew from a low of $0.055 in October to hit an all-time high of $0.263 in November. This represents a 209% growth, subsequently hitting a market capitalization of $3.93 billion.
Three primary reasons support the price explosion.
1. Emergence of MachineFI
Iotex received a major value boost after announcing it will focus on MachineFi, which integrates the traditional labor force, machines, and the metaverse. It intends to harness the synergies of machines, smart devices, and finances by leveraging blockchain technology. The project ensures security and trust between smart devices and users. It also enables users to create simple and user-friendly interfaces for connecting and managing devices.
2. Integration of DeFi and NFT Projects
Expansion of the ecosystem to include NFT and Defi projects has also boosted the Iotex price increase. Defi represents the most remarkable growth in the Iotex ecosystem. Some of the DeFi Projects include:
- WOWSwap – first Iotex’s leverage decentralized exchange
- Parrot Protocol
- MIMO DEX
- Firebird Finance
- NAOS Finance
The NFT FT is also growing. Some of the NFT projects in Iotex include;
- Sota Finance
- PlaceWar
- StarCrazy
3. Exchange Listing
Iotex ecosystem partnership and listing in crypto exchanges has boosted its exposure to crypto traders and investors. It was listed on CoinBase, Crypo.com, LBank, and ABRA this year. The platform has also partnered with big players in the crypto space, including HealthBlocks, Travala, MobiFi, and Ethereum Push Notification Service.
It also recently partnered with NOWPayments, a blockchain payments service provider. The partnership with travel will enable users to book over 3 million travel products, including hotels, flights, and tours.
Will the Bull Run Continue?
Iotex was developed in 2017 and launched in 2019. All along, the price maintained a low-ranging movement. In August, the cryptocurrencies price experienced a spike before resuming the ranging market.
The IOtex team made a successful keynote presentation during the DeFiLive event at the beginning of November 2021, pushing the price highs. Chain Link also announced that they had awarded the Iotex team a grant to help in integrating their oracles. The price exploded, surging to an all-time high of $0.5. As you would expect, the crypto retraced after the massive surge. This could be caused by various actors, including exit by investors after making a handsome profit.
The price movement has formed a double top after the bearish streak, and the price has fallen to $0.24. At the moment, many major digital currencies are bearish. For instance, Ethereum and Bitcoin are showing strong retracement. If the bears get control of the market, the Internet of things token should find support at the previous resistance level between $0.110 and $0.130. If it falls further, the next support level is at $0.05.
The bull run will likely continue after the retracement. In this case, you can expect the price to surpass the $0.26 recent high at the $0.5 psychological level.
Take Away
Iotex is an ideal crypto for long investment. The ecosystem expansions and new partnerships point to increasing utility. As the digital token adoption increases, the price will hit new highs. Remember, there are no guaranteed predictions of where the price could head next. But if the demand for the token increases, you can expect the token to hit new highs when the bull run resumes.
