iZUMi Finance (IZI) price dropped over 15% amid 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 on major crypto currency exchange KuCoin.
The dump is likely a “sell the news” scenario as the price of iZUMi Finance rose exponentially over the past few days. This after KuCoin announced it would list the native token of the multi-chain decentralised finance (DeFi) protocol.
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 Finance price: sellers in control for IZI/USD
While current price outlook suggests sellers might push IZI lower, the cryptocurrency is poised at a horizontal demand zone that has helped bulls for much of April. That suggests the profit taking could give way to new upside momentum.
As for immediate price outlook, IZI/USD is likely to trade lower if bulls fail to keep $0.030. The hourly chart shows the token is trending towards the oversold territory though and could thus be due an upward flip should the $0.02 base hold. Otherwise, a dip to $0.011 could happen.
IZI price on the hourly chart. Source: TradingView
iZUMi Finance long term outlook: network strength key
A look at Izumi Finance’s network performance shows decent growth in total value locked (TVL). According to 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. Indeed, the platform announced on Wednesday that it had closed a $22 million financing round for the on-chain order book iZiSwap Pro.
The iZiSwap recently launched on zkSync Era, a future-proof zkEVM network helping to scale the Ethereum blockchain.
Other than the KuCoin, iZUMi has also struck key partnerships with MEXC Global, Bybit, Woo Network, and BitDAO. iZUMi also has a security partnership with auditing platform secure3io.
Building a strong platform amid the network pillars could inform long term demand for IZI and aid its price.
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