IoTeX Price Prediction: IOTX Rallies 247% Following Coinbase Listing

• IoTeX price has jumped over 247% in price over the last 24 hours.
• IOTX has set a new all-time high at $0.12
• IoTeX’s market capitalisation has also grown taking the asset among the top 100 cryptos.

IoTeX price has jumped over over 247% in price over the last 24 hours. This rally has caused IOTX to be ranked among the 100 top cryptocurrencies by market capitalisation. It currently sits at #84 and is leading the cryptocurrency boom this week.

Coinbase listing boosts IOTX To Set A New All Time High

According to data from TradingView and Cointelegraph pro, IoTeX is the biggest gainer over the last 24 hours at 247%. This rally was sparked by an announcement by Coinbase on August 10 that it will be listing the decentralized internet of things platform token on Coinbase Pro from August 11, 2021.

The announcement that was made on the Coinbase blog asked traders to transfer their IOTX assets into their Coinbase Pro accounts before trading started on August 11.

“Support for IOTX … will generally be available in Coinbase’s supported jurisdictions with certain exceptions as indicated in each asset page…. Trading will begin on or after 9AM Pacific Time (PT)Wednesday August 11, if liquidity conditions are met,” the announcement read.

 Coinbase indicated that they decided to do the listing following a number of requests from its customers to trade more assets on the platform. Coinbase went on to say that they anticipate supporting more assets that meet the terms of the listing process and standards in the coming days.

The listing on Coinbase comes after an epic month that saw IoTeX network and wallet activity increase by over 600% and a cross-chain connection with the Polygon network. The connection is an Ethereum-based layer-two solution that enables token swaps between the two networks.

A look at the IOTX/USD daily chart shows that IOTX has rallied by almost 470%  over the last two days to set a new all-time high at around $0.123 on August 11 from a low of $0.021 on August 09.

Further, the asset has a market cap of $936,982,417. This has also grown by a whopping 218% which has made the cryptocurrency to bulldoze its way to the top 100 currencies by market capitalization.

IOTX/USD Daily Chart

There is no saying how far the IoTeX price can go at the moment but things look so bullish at the moment. As expected, crypto signals from the Moving Average Convergence Divergence (MACD) indicator which moving upwards in the positive region confirms IOTX’s bullish bias. The position of the Relative Strengths Index (RSI) in the overbought indicates IoTeX is massively overbought. This could indicate that a correction might take place in the near-term.

What is IoTeX?

IoTeX (IOTX) is an Ethereum token of the IoTeX  platform that is designed to connect Internet of Things (IoT) devices (such as cameras and sensors) and other decentralized applications. IOTX can be used to make transactional payments, for staking and governance, and to register new devices on the IoTeX network.

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