IoTeX (IOTX) has been on a steady downward trend after seeing bullish momentum during the beginning of February. The bullish momentum of early February could not be sustained and the token has been in the grips of bears ever since. The token continues its bearish momentum during the daily timeframe with a minor downside movement while the daily trading volume has stayed relatively stable with no significant change. At the time of writing, IOTX stands at a price level of $0.071. IoTeX stands at a market rank of #96 currently with a capitalization of $682 million.
Recent developments
There have been a couple of significant developments on the IoTeX network lately which gives the IOTX crypto a bullish outlook in the long run. The platform recently announced a partnership with Bot Planet which is an ecosystem of multiple products like a DEX, NFT marketplace, wallet, lottery, gaming working together in tandem. Bot Planet aims to make cryptocurrency easier for everyone. The partnership will enable the use of IOTX token in the Bot Planet ecosystem. A bridge will also be created between both the networks which will enable them to mutually benefit from the partnership. Users of both networks will gain access to the networks – which will also result in an increase of their respective userbases.
The IoTeX network has also gained considerable headway as it created the first-ever hardware kit for blockchain developers called the Pebble Tracker. The Pebble Tracker is essentially a battery-operated IoT prototyping kit for the blockchain world. The network has successfully shipped the first batch of the device and recently announced the shipment of the second 400-batch Pebble Trackers. The device is a hallmark step in the journey of the network towards realizing its goal of making the world transparent through blockchain technology.
IoTeX is bullish in the long-term
IoTeX has a bullish outlook for its future despite the current bearishness – which indicates the token may soon reverse its trend. From a strictly fundamental perspective, the cryptocurrency has a solid footing in the market, and in light of the recent developments, a lot can be expected from IOTX in terms of growth. Price predictions also give the token a bullish outlook. According to the estimates of Wallet Investor, the cryptocurrency is expected to be operating at a price level of $0.17 in a year’s time while the five-year projection places it at $0.55.
