- Bullish IOTX price prediction for 2023 is $0.0.2086 to $0.02696.
- IoTeX (IOTX) price might reach $0.1 soon.
- Bearish IOTX price prediction for 2023 is $0.01316.
In this IoTeX (IOTX) price prediction 2023, we will analyze the price patterns of IOTX by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
IoTeX (IOTX) Current Market Status
| Current Price | $0.0182 |
| 24 – Hour Trading Volume | $3M |
| 24 – Hour Price Change | 4.25% Up |
| Circulating Supply | 9,446,604,322 |
| All – Time High | $0.2611 (On Nov 13, 2021) |
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 take 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 2023
IoTeX (IOTX) ranks 140th on CoinMarketCap in terms of its market capitalization. The overview of the IoTeX price prediction for 2023 is explained below with a daily time frame.
IOTX/USDT Descending Channel Pattern (Source: Tradingview)
In the above chart, IoTeX (IOTX) laid out a descending channel pattern, also known as the falling channel. A descending channel is formed by two parallel trendlines. The upper trendline, which joins the highs, and the lower trendline, which joins the lows, run parallelly downwards. This pattern is characteristic of a bearish market.
At the time of analysis, the price of IoTeX (IOTX) was recorded at $0.1894. If the pattern trend continues, the price of IOTX might reach the resistance levels of $0.02968,and $0.03521. If the trend reverses, then the price of IOTX may fall to the support of $0.0.02407, $0.02068, and $0.01601 .
IoTeX (IOTX) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of IoTeX (IOTX) in 2023.
IOTX/USDT Resistance and Support Levels (Source: Tradingview)
From the above chart, we can analyze and identify the following as the resistance and support levels of IoTeX (IOTX) for 2023.
| Resistance Level 1 | $0.02086 |
| Resistance Level 2 | $0.02696 |
| Support Level 1 | $0.01623 |
| Support Level 2 | $0.01316 |
As per the above analysis, if IoTeX’s (IOTX) bulls take the lead, it might hit and break through its resistance level of $0.02696.
Conversely, if IoTeX’s (IOTX) bears dominate the trend, the price of IOTX might plunge to $0.01316.
IoTeX (IOTX) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of IoTeX (IOTX) are shown in the chart below.
IOTX/USDT RVOL, MA, RSI (Source: Tradingview)
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. The resulting ratio is known as the “relative volume,” which can help traders identify unusual trading activity and changes in market sentiment.
High relative volume readings suggest that there is increased interest in the asset, which may indicate a potential trend reversal or breakout. Conversely, low relative volume readings may indicate a lack of interest or a consolidation period.
At the time of analysis, the RVOL of IoTeX (IOTX) was below the cutoff line, denoting weak participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above its 50MA, it is considered to be in an uptrend (bullish), if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the IOTX price lies below 50 MA (short-term), indicating its downward. Hence, it can be concluded that IOTX is in a bearish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). This analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value is expressed as a number between 0 and 100, with readings above 70 indicating an overbought state and readings below 30 indicating an oversold state.
Significantly, traders often use the RSI to identify potential trend reversals or to confirm the direction of a trend. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI reaches an oversold reading of 30, it may suggest that the asset could potentially reverse direction.
Markedly, during analysis, the RSI of IOTX is at 33.11. This denotes that IOTX is nearly in an oversold state.
IoTeX (IOTX) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of IoTeX (IOTX) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).
IOTX/USDT ADX, RVI (Source: Tradingview)
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of IOTX lies in the range of 49.20938 pointing out a strong trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of IOTX lies above 50, indicating high volatility.
Comparison of IOTX with BTC, ETH
Let us now compare the price movements of IoTeX (IOTX) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs IOTX Price Comparison (Source: Tradingview)
From the above chart, we can interpret that the price action of IOTX is similar to BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of IOTX also increases or decreases respectively.
IoTeX (IOTX) Price Prediction 2024-2030
With the help of the aforementioned technical analysis indicators and trend patterns, Let us predict the price of IoTeX (IOTX) between 2024 and 2030.
IoTeX (IOTX) Price Prediction 2024
If bulls dominate the price momentum and trend patterns, then IoTeX (IOTX) might successfully test and surpass its resistance levels to hit $0.5 by 2024.
IoTeX (IOTX) Price Prediction 2025
The significant upgrades in the IoTeX ecosystem might persuade the entry of an increased number of investors. This may eventually boost the IoTeX (IOTX) price to reach $0.8 by 2025.
IoTeX (IOTX) Price Prediction 2026
If IoTeX (IOTX) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $0.9.
IoTeX (IOTX) Price Prediction 2027
IoTeX (IOTX) might sustain major resistance levels and continue to be recognized as a good investment option. If it stands so in the market, IOTX would rally to hit $1.
IoTeX (IOTX) Price Prediction 2028
If IoTeX (IOTX) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, IOTX would hit $1.2 by 2028.
IoTeX (IOTX) Price Prediction 2029
If investors flock in and continue to place their bets on IoTeX (IOTX) , then the crypto would witness major spikes. Hence, IOTX might hit $1.5 by 2029.
IoTeX (IOTX) Price Prediction 2030
If the trend momentum aligns in favor of IoTeX, then the IOTX price is expected to rally to $1.8 by 2023. Furthermore, IOTX would hold a positive market sentiment and be recognized as a long-term investment with highly profitable ROI.
Conclusion
If IoTeX (IOTX) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish IoTeX (IOTX) price prediction for 2023 is $0.02696. Relatively, the bearish IoTeX (IOTX) price prediction for 2023 is $0.01316.
If there is a positive elevation in the market momentum and investors’ sentiment, IoTeX (IOTX) might hit $0.1. With future upgrades and advancements in the IoTeX ecosystem, IOTX might surpass its current all-time high (ATH) of $0.2611 on April 02, 2023 and mark its new ATH.
FAQ
1. What is IoTeX (IOTX) ?
IoTeX is a directed acyclic graph (DAG) smart contract platform providing decentralized finance (DeFi) services to developers using its own bespoke consensus algorithm.
2. Where can you buy IoTeX (IOTX) ?
Traders can trade IoTeX (IOTX) on the following cryptocurrency exchanges such as Binance, KuCoin, Gate.io, Coinbase Exchange, Upbit and Huobi Global.
3. Will IoTeX (IOTX) record a new ATH soon?
With the ongoing developments and upgrades within the IoTeX platform, IoTeX (IOTX) has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of IoTeX (IOTX) ?
IoTeX (IOTX) hit its current all-time high (ATH) of $0.2611 On November 13, 2021.
5. What is the lowest price of IoTeX (IOTX) ?
According to CoinMarketCap, IOTX hit its all-time low (ATL) of $0.001239 on March 13, 2020.
6. Will IoTeX (IOTX) hit $0.1?
If IoTeX (IOTX) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $0.1 soon.
7. What will be the IoTeX (IOTX) price by 2024?
IoTeX (IOTX) price might reach $0.5 by 2024.
8. What will be the IoTeX (IOTX) price by 2025?
IoTeX (IOTX) price might reach $0.8 by 2025.
9. What will be the IoTeX (IOTX) price by 2026?
IoTeX (IOTX) price might reach $0.9 by 2026.
10. What will be the IoTeX (IOTX) price by 2027?
IoTeX (IOTX) price might reach $1 by 2027.
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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
