IoTeX Reveals New Incentive Program — IOTX Price Hints at Breakout

Key Takeaways

• IoTex (IOTX) announced a 100 million token incentive program.
• The IOTX price reclaimed the long-term horizontal area at $0.038.
• Can IOTX sustain its momentum and reach the next resistance area?

The IOTX price has decreased over 50% since its yearly high of $0.092 on March 13. In August, the downward movement seemed to have caused a breakdown from a long-term horizontal area. However, the price bounced and reclaimed the horizontal area, creating a higher low.

Positive IoTex news hit on Oct. 22, relating to a new token incentive program. Will this have a positive effect on the IOTX price? Let’s find out.

IoTeX Incentive Program

On Oct. 29, IoTeX launched a $100 million IOTX Incentive Program, valued at $4.181 million at the time of writing.

The program is called “Get Goated Season 2” and will continue until Jan. 22, 2025. Users will earn from a pool of 50 million IOTX by participating in liquidity and staking and another 50 million by participating in IoTeX growth activities.

Activities that will be rewarded are those that provide liquidity or staking for various Decentralized Physical Infrastructure Networks (DePIN) projects, or those that provide growth by engaging with the community.

The airdrop will only be available to OKX and Gate.io Wallets.

The CEO and co-founder of IoTex, Raullen Chai said that

We are proud to be conducting one of the largest DePIN airdrops in history, and we hope to aid participants in gaining a better understanding of the DePIN and DeFi ecosystems. This campaign aligns with our goals of building IoTeX as the gateway to the $23.7 billion-strong DePIN ecosystem and as a leader in onboarding new users to what DePIN has to offer.

The “Get Goated Season 1” had over 567,891 users and 2.6 million total impressions.

A deep dive into the IoTeX ecosystem published on Oct. 17 shows that the platform has 218 projects and is the third-largest DePIN ecosystem, trailing only Ethereum and Solana.

Some of its most well-known projects are Network3, Nubila, and Wayru.

The IOTX price has not reacted to the news but still trades above an important horizontal support area.

IOTX Price Reclaims Support

The weekly time frame IOTX chart shows that the price has increased since Aug. 5, reclaiming the $0.038 horizontal area in the process. This is a critical area since it previously provided resistance for nearly two years.

After IOTX broke out, it briefly fell below it in August. However, the ensuing upward movement confirmed that the breakdown was just a deviation (black circle). This is a bullish development that often leads to upward movements.

If the IOTX price increases, the next resistance will be at $0.060.

Technical indicators are leaning bullish though they do not confirm the upward movement yet. The Moving Average Convergence/Divergence (MACD) made a bullish cross (white icon) and is attempting to move above 0, while the Relative Strength Index (RSI) is in the process of moving above 50.

The wave count also aligns with the bullish outlook. It shows that IOTX completed a W-X-Y structure starting in March. The breakout from the descending resistance trend line in September confirmed the correction is over.

As a result, an IOTX price increase toward at least $0.060 and possibly a new yearly high is likely.

Bounce Will Continue

The IOTX price shows bullish signs in the weekly and daily time frames. So, the upward movement may continue toward at least $0.060. The positive news regarding the IoTex token incentive program could also boost the price.