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 whitepaper.
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 can 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 IoTeX price prediction. Is IOTX a good investment? Please read on.
Understanding IOTX
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 follow 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 as the network becomes more popular. That is not to say that technical market forces do not come into play when assessing an IOTX coin price prediction, as can readily be observed on the chart.
IoTeX performed its first-ever burn drop on 3 November 2021, 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 had displayed any excitement since its early 2018 initial coin offering (ICO).
However that momentum slipped away in the following few weeks, with IOTX heading down to $0.1117 by 17 January 2022 – down more than 50% from its all-time high. When February came around, IOTX dived below $0.07, although by 19 April it was back slightly above that line.
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 $0.034 gives a market capitalisation of $332.64m. IOTX ranks as the 108th biggest cryptocurrency by market cap. (All figures sourced from CoinMarketCap.)
IOTX suffered a bear run over the fourth quarter of 2021, as did most altcoins, apart from a short bullish surge in mid-December, dragging the momentum down after an impressive run in November. The downtrend has largely continued so far in 2022.
On 13 May 2022, the Relative Strength Index (RSI) of IOTX was at an undervalued position of 29.71. The 20-day Moving Average (MA) continues to trade below the 50-day MA, which could be a bearish sign. According to a panel of 26 indicators on DigitalCoinPrice, 14 indicate selling, four suggest holding and eight remain neutral.
As of 6 June 2022, IOTX was trading 70% below the 90-day high of $0.113 witnessed on 31 March. Keep reading for more on the latest IOTX price predictions.
IOTX price prediction
DigitalCoinPrice’s forecast is fairly average in the medium to long term, offering an IoTeX price prediction for 2025 of $0.068, rising to $0.16 according to its IoTeX price prediction for 2030.
The IOTX coin price prediction at WalletInvestor is more bullish. The forecaster’s 12-month price target of $0.091 – if proved correct – would bring a 167% return at current prices, while its five-year target of $0.31 is more enthusiastic still.
Please remember, however, that any IoTeX coin price prediction given by forecasters is highly speculative and does not constitute genuine investment advice.
Where to next for IoTeX?
After successful crowdfunding, IoTeX’s Pebble Tracker is starting to reach the hands of backers, and a second and third round of shipments is on the agenda. This will inevitably drive up the number of devices connected to the IoTeX network, thus pre-empting a wave of burn drops.This could very likely result in price spikes, although as we have seen, stiff resistance may well follow any surge.
Is IOTX a good investment?
That all depends on whether you think IoTeX’s business strategy is a sound one. With the Pebble Tracker launch in full swing, 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.
How high can IoTeX go?
Forecasters are positive, overall, that IOTX will continue its uptrend. Although $1 is not hugely likely within the decade, highs of $0.39-plus could be seen by 2027. But anything could happen in five years.
Hope this article can provide you with a better understanding about IoTeX price prediction.
