- iZUMi Finance’s (IZI), price fell by more than 15% in the face of massive profit taking.
- The dump followed the token’s listing on major crypto exchange KuCoin.
- But while price could fall below $0.030, the cryptocurrency’s strong ecosystem growth could see increased IZI demand and aid price uptick down the road.
iZUMi Finance (IZI) price fell more than 15% early Wednesday as the cryptocurrency’s market defied broader crypto prices outlook. IZI traded to lows of $0.032 as sell pressure mounted following the coin’s listing KuCoin, the largest crypto currency exchange.
The dump is likely a “sell the news” scenario as the price of iZUMi Finance rose exponentially over the past few days. KuCoin had announced that it would list the native Token of the Multi-chain Decentralised Finance (DeFi).
Even with today’s dip, IZI/USD was still trading more than 26% up in the past seven days and over 280% up in the past two weeks.
iZUMi Financial price: sellers control IZI/USD
While current price forecast suggests that sellers could push IZI lower in the near future, the cryptocurrency has been poised to a horizontal demand area which has helped bulls during much of April. This suggests that the current profit-taking could be giving way to a new upward momentum.
As for the immediate price outlook, it is expected that IZI/USD will trade lower if bulls do not hold $0.030. Hourly chart shows token trending to oversold territory. If $0.02 holds, the token could be due for an upward flip. A dip to $0.011 is possible if the base price of $0.02 does not hold.
IZI Price on the hourly Chart. Source: TradingView
iZUMi Finance: long term outlook and network strength as key factors
A look at Izumi Finance’s network performance shows decent growth in total value locked (TVL). Data on DeFiLlama, the TVL has risen sharply in the past 10 days – from under $2 million to over $25 million as of 26 April 2023.
The DeFi protocol’s products iZiSwap, LiquidBox and DAO veNFT among others are also seeing greater uptake across the market. On Wednesday, the platform revealed that it had closed a financing round of $22 million for the on chain order book iZiSwap.
The iZiSwap launched recently on zkSync Era. It is a future proof zkEVM, which helps scale the Ethereum blockchain.
iZUMi, in addition to the KuCoin, has formed key partnerships with MEXC Global. Bybit, Woo Network and BitDAO. iZUMi is also partnered with the auditing platform Secure3io.
Building a strong foundation amongst the network pillars can help determine long-term demand for IZI, and therefore its price.
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