IoTeX price action points to a potential breakout – What could trigger it?
IoTeX inked a deal with Google for global expansion.
The IoT market is growing at a CAGR of 20%, which is a plus for IoTeX
The broader market is bullish, which is a plus for crypto with strong fundamentals like IoTeX
The cryptocurrency market has turned strongly bullish over the past week. IoTeX is one of those that have gained the most momentum and is up by over 20% in the last 48-hours alone. While this has a lot to do with the upside momentum across the market, IoTeX internal fundamentals are also a factor and we could see IoTX keep hitting higher prices both in the short term and long term.
IoTeX IOTX/USD has positioned itself as one of the leading cryptocurrencies taking blockchain technology to the fast-growing IoT market. Through IoTeX, users of IoT devices can have more control over their data and interact with the internet more securely.
With the IoT market now worth $308.97 billion and expected to grow at a CAGR of 25% up to 2028, it’s a market all set to be worth trillions of dollars in the coming decades. For this reason, IoTeX has been inking high-profile partnerships that are likely to play well into its price dynamics in the future.
Earlier in the month, it emerged that IoTeX was teaming up with Google to reach the global market better. According to the founder of IoTeX, adoption is growing at a rate of 20% a month, and with the partnership with Google Cloud, expansion can happen at an even more accelerated rate.
IoTeX price consolidates after pump
Source: TradingView
After a massive pump on March 21st, IoTeX has been consolidating over the last few days. It continues trading between $0.104 and $0.10, but buying volumes are rising. If IoTeX has enough volumes to break the $0.104 resistance, it could test $0.15 pretty soon.
Summary
IoTeX has been one of the top crypto performers in the last few days. This has a lot to do with the pump across the market and IoTeX fundamentals that include a partnership with Google. IoTeX buying volumes are rising while the price consolidates, which points to a potential breakout in the short term.
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