IoTeX price prediction: Will the uptrend continue?
The IOTX token is sophisticated – but is it wise to invest right now?
- Understanding IOTX
- How is IOTX faring right now?
- What do the forecasters say?
- Where to next for IoTeX?
IOTX is the native cryptocurrency of the IoTeX network, a “decentralised network for the internet of things (IoT) powered by a privacy-centric blockchain”, according to its white paper.
In simpler terms, IoTeX’s ambition is to "democratise" the trading of user-generated data via its purpose-built, developer-friendly blockchain, taking user data out of the hands of internet giants such as Google and Facebook.
Although the technology which IOTX underpins is highly complex, the token behaves in similar ways to other Delegated Proof of Stake (DPoS) tokens.
You will find an in-depth guide to the ins and out of the IoTeX network here. Now, let’s dive into the current market and see what the forecasters have to say about an IoTeX price prediction for 2022 and beyond.
Perhaps more than most cryptocurrencies, IOTX’s value on the crypto exchanges is heavily determined by some fundamental factors.
This is largely to do with IOTX’s so-called ‘tokenomics’, which follows a deflationary model. As more and more devices come onto the IoTeX network, a reserve of IOTX tokens is fed to stakers in a round of ‘burn drops’.
IoTeX’s deflationary model ensures that the value of IOTX increases in value as the network becomes more popular. That’s not to say that technical market forces don’t come into play when assessing an IOTX coin price prediction, a fact that can be observed on the chart.
IoTex performed its first-ever burn drop on 3 November, pre-empting a massive spike in the value of IOTX, jumping from $0.07817 to $0.1659 within a day – a 112% bull run. This was the first time the token displayed any excitement since its early-2018 initial coin offering (ICO).
However, the following day’s trading culminated in a bearish engulfing candlestick pattern, indicating strong resistance.
Bulls did fight back, pulling stock above the resistance line on 10 November. IOTX has range-traded since.
How is IOTX faring right now?
The current circulating supply of IOTX is 9.54 billion, against a maximum supply of 10 billion. A current trading price of $0.1858 gives a market capitalisation of $1.77bn. IOTX ranks as the 77th biggest cryptocurrency by market cap. (All figures sourced from CoinMarketCap.)
IOTX suffered a bear run over the four trading days leading up to 24 November, apart from a short bullish surge on the 22nd, dragging the moving average down after an impressive run throughout the month.
That said, this can be interpreted as a correction following a period of unprecedented activity, and would clearly follow the last correction witnessed earlier in November after the first burn drop.
The relative strength index (RSI) is just below 50. This is a good sign that IOTX is neither overbought or undersold.
There is a bearish advantage at the time of writing, but it still remains above the support line which could be measured at the $0.156 mark. Any IoTeX price prediction should take into account whether this support line can be breached, which would indicate a continuing downtrend.
Keep reading for more on the IoTeX price prediction.
What do the forecasters say?
In the long term, Digitalcoin’s forecast is undoubtedly bullish, offering an IoTeX price prediction for 2025 of $0.56, representing a 202% return at current levels.
While the online forecaster does not have an IoTeX price prediction for 2030, a target of $0.83 is given for 2028. As such, sentiment is firmly in the ‘strong buy’ region.
The IOTX coin price prediction at Wallet Investor is also highly bullish. The forecaster’s 12-month price target of $0.286 – if proved correct – would bring a 54% return at current prices, while its five-year target of $0.634 is more enthusiastic still.
Please remember that any IoTeX coin price prediction data gathered by forecasters is highly speculative and does not constitute genuine investment advice.
Where to next for IoTeX?
After a successful crowdfunding, IoTeX’s Pebble Tracker device is due to be shipped to backers in early 2022. This will inevitably drive up the amount of devices connected to the IoTeX network, thus pre-mpting a wave of burn drops.
This could very likely result in price spikes, though as we have seen, stiff resistance may very well follow any surge.
That all depends on whether you think IoTeX’s business strategy is a sound one. With the Pebble Tracker launching in the new year, user engagement could skyrocket. If so, IOTX will naturally increase in value.
Regardless, be sure to conduct extensive research before placing an investment on any crypto asset.
Forecasters are overall positive that IOTX will continue its uptrend. Although $1 is not hugely likely within the decade, highs of $0.80-plus could be seen by 2028. But anything could happen in seven years.
You should be aware that these predictions are highly speculative and do not constitute genuine investment advice.
It could be, if you believe in the IoTeX business strategy. Forecasters are quite bullish on IOTX's prospects. However, before investing in any asset, always do your own research and remember that your decision should be based on your attitude to risk, your expertise in this market, the spread of your portfolio and how comfortable you feel about losing money. Never invest more than you can afford to lose and keep in mind that past performance is no guarantee of future returns.