Iotex laid its footsteps in 2017 intending to empower decentralized networks where-in humans and machines interact with each other under all formidable conditions. The Iotex blockchain was built by a team of nearly young minds from scratch which is EVM-compatible. The consensus mechanism ensures the full privacy of the traders and transactions, holding confidential computing and reliable hardware devices required to execute transactions.
The native token of the Iotex network and its utility token, IOTX remained unnoticed for quite a long time until the 2021 bull rally dragged the asset into the mainstream. The IOTX token rosed to such greater highs, at regular intervals since the beginning of 2021, that many investors frequently infused huge liquidity at frequent intervals.
And hence, for this reason, the IOTX price remained elevated despite the market sentiments turning bearish. Currently, swinging within a range-bound, the token could resume with its uptrend following yet another boost from its community of over 200K.
Iotex Fundamental Analysis
Iotex decentralized network was primarily built by Raullen Chai, Qevan Guo, Xinxin Fan, and their huge team. Iotex is the first network that connects the physical world to the DApps which includes nearly 100 delegators who confirm the transactions onto the decentralized network. The network mainly emphasises empowering billions of devices and DApps across the physical and digital world.
Additionally, the Iotex platform is also a launchpad for fresh and promising blockchain ideas and projects. The platform is well-known for its award-winning blockchain-powered cameras from Consumer Electronic Show(CES) and the popular Pebble Geo device which is a multi-sensor IoT data oracle.
To begin with, contributing to the Iotex platform one can be either an investor, developer or a business partner. The native token IOTX is also the governing token of the platform which is developed with a unique design that deflates the token on time. The IOTX price rallied magnificently since the beginning of 2021 and despite a notable crunch yet manages to thrive in the crypto space.
Additional Read: What is IOTEX(IOTX)?
Will Iotex hit $1 by End of 2021?
The recent surge in Q4 2021 appears to have nullified as the asset has dropped to almost the same levels, yet bounced significantly hitting the support levels. Therefore manifests huge possibilities of a notable leg up as the price is still consolidating heavily along with the support levels. Finding its highs around $0.26, the IOTX price was believed to rally hard and hit $1 before the end of the 2021 trade.
Considering the technicals, ever since the asset fell into the bearish divergence, both RSI & MACD are pretty bearish. The RSI dropped from its highs to its lower levels, yet hovering just above these levels manifesting the strength and the assets desire to get back to its original positions very soon. On the other hand, MACD is showcasing an accumulated selling volume for the past month.
Interestingly both the indicators currently, showcase a slight divergence from the bearish trend. And hence the asset could eventually undergo a notable uptrend. However the possibility of the uptrend escorting the price around $1 is quite misty at the press time, yet miracles do happen in crypto space on time. Yet, with the current pace or with a flip from the bearish divergence, the asset could hover around its ATH around $0.2 and the extended bull rally may uplift the price around $0.5. But $1 remains much out of reach as of now.
Factors Affecting Iotex(IOTX) Price Today
IOTX token stepped into the trading space somewhere in mid-2019 went un-recognized for a considerable time. However, the 2021 bull run which discovered many low cap gems, dragged the hidden gem, IOTX token which gathered mainstream recognition. Moreover, the 3800% growth in the price within a year has attracted a lot of strong hands onto the ecosystem and hence the IOTX coin price is still believed to close the 2021 trade on a bullish note.
The Iotex ecosystem aims to empower billions of devices and decentralized applications across the physical and digital world. Moreover, the Iotex ecosystem is lucrative with more than 9893 devices connected, registering more than 14 million transactions as of now, a huge community of more than 200K and more than 40,683 stake-holders who work for the betterment of the network.
Where to buy IOTX?
Despite the notable rally showcasing immense strength, yet Iotex is still required to be more popular to get worldwide accessibility. IOTX is been listed on a few popular cryptocurrency exchanges over time. However, if you are interested to invest in Iotex and finding a suitable platform where you can buy Iotex, then CoinDCX may help you out.
CoinDCX is India’s most trusted cryptocurrency platform which aims to provide hassle-free trade at affordable costs. You can trade your favourite cryptocurrency along with IOTX, Bitcoin, Ethereum and many more. Moreover, you can access your wallet and trade at a single touch using the CoinDCX app which provides a unique user experience. Just download the mobile App and register following a very few simple steps.
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