IOTX could aim for a new high of $ 0.20: Argonov says

Posted on

The token pullback is part of its efforts to stabilize before the next rally, the analyst said. IOTX, the native token of IoTeX, a self-scalable and privacy-focused blockchain, was the latest to jump on the bandwagon of the surge in cryptocurrency prices. Driven by the partnership announcement with and NOWPayments, IOTX hit 0, 16 $ earlier this week. The coin has since taken a step back and as of this writing it is traded at 0, 11 $. Victor Argonov, senior analyst of the investment firm Exante, has talked about how the token price movement was affected by this week’s positive news and explained whether investors can expect the momentum to continue over the long term. Argonov pointed out that the Price spike caused by the news that IOTX payments are compatible with is not unusual, but it also warned that the token has historically dropped dramatically after reaching major price levels. So while that doesn’t mean you should bet against IOTX, it would be wise to “wait for the dust to settle before rushing to buy on the downside,” the expert believes. Considering that the ‘last interday rally of the coin started around price range 0, 125 $, Argonov expects IOTX to find buyers at this level . However, the analyst stated that a more significant support zone is between 0, 086 $ and around 0, 09 $, as this could serve as the basis for a big breakout. Argonov further explained that the recent pullback can be seen as part of the currency’s efforts to stabilize before staging another rally. If IOTX manages to stabilize in the support zone, a new high of 0, 200 $ is reachable in the not too distant future, he added. The growing attention towards the metaverse, as Facebook calls its new area of ‚Äč‚Äčinterest a “meta”, definitely improves the prospects of IoTeX, Argonov said: “… as we enter an era where human interactions increase in a virtual world, there will be a growing demand for such technology provided by platforms such as IoTeX.” The post IOTX could point to a new high of 0, 20 $

Advertisement Below