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IoTeX Tops the $0.17 Level. Will it Surge Higher Soon?

By:
Hassan Maishera
Updated: Nov 4, 2021, 14:57 UTC

IoTeX rallied by more than 100% over the past 24 hours to reach a new all-time high above $0.17 and could make a move for the $0.20 level if the recent market performance is sustained.

Chart

IOTX has recorded more than a 100% increase in price over the past 24 hours and looks set to surge even higher soon.

IoTeX Surpasses the $0.17 Level

IoTeX is one of the best performing cryptocurrencies in the market at the moment. The coin has rallied by more than 200% over the past few days to reach a new all-time high above $0.17. The coin reached a new all-time high following its recent rally.

However, at the time of writing, IOTX is trading at $0.14, down by 17% from its all-time high. The coin remains bullish as its price is still up by 95% over the past 24 hours. Thanks to the market momentum, IOTX could rally higher over the next few hours.

The IoTeX development team is currently building a privacy-centric blockchain platform for the Internet of Things (IoT). The developers intend to build a decentralized trust fabric for a new era of collaboration and data exchange among devices, people and applications.

What makes IoTeX an exciting project is that it combines blockchain, trusted hardware and edge computing to realize the full potential of the Internet of Things. The recent rally was due to the team’s partnership with Travala.com and NOWPayments. The IoTeX conference also took place two days ago, and that has had a positive effect on the cryptocurrency.

IOTX Could Touch the $0.20 Level

The IOTX/USD chart is currently looking bullish, thanks to the coin’s latest performance. IOTX remains bullish despite dropping by more than 17% since reaching a new all-time high earlier today.

iotex
IOT/USD chart. Source: FXEMPIRE

If the bulls resume the upward movement, then IOTX could make a move towards its current all-time high price of $0.17. An extended bullish performance would allow IOTX to rally towards the $0.20 level for the first time since the cryptocurrency was launched four years ago.

On the flip side, the recent rally could prove to be enough for the coin, and it might retrace towards the $0.12 support level. Unless there is an extended sell-off from the broader market, IOTX should defend the second major support level at $0.09.

About the Author

Hassan is a Nigerian-based financial Journalist and cryptocurrency investor.

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