- Later increasing to over 75 million trading volume
- IOTA has a circulating supply of 2.9 billion coins
- Ranked 46th in Cryptocurrencies
- IOTA has a market cap of over US$2 billion
IOTA has been popularized among crypto investors because of its unique use cases that include two of the biggest revolutions in technology in the 21st century, one being the Blockchain and the other being the Internet of Things. Instead of focusing on individuals transacting in a trading environment, IOTA works with machines.
Let’s go straight to the key features of IOTA in comparison to other blockchains. IOTA is highly scalable and future-proof to handle the huge amount of data coming from the billions of Internet of Things devices that are currently active. Being a new scalable blockchain, IOTA can handle around a thousand transactions per second.
IOTA Price Analysis
50 day moving average: $0.8595
100 Days Moving Average: $0.9644
200 day moving average: $1.3101
For technical analysis of price action, IOTA has gradually built up strong support which is both psychological and important for further upside. $1 is such a straightforward and attractive number that investors want IOTA to trade above the level, so much so that in just 17 hours the volume has equaled the entire downside trading volume seen on August 26, 2021.
In terms of moving averages, just There are two supports from the 100 and 50 day moving averages indicating a positive turnaround in the last 50-100 days. Meanwhile, the 200-day SMA will act as a strong resistance that will block any upside momentum and is currently calculated at the $1.31 level.
IOTA price action has been in a minor consolidation zone, which has become a new trading style for investors to buy at support and book at an immediate resistance level. Now the point is that IOTA has been in the consolidation zone of 20 – 30%, there is a strong possibility of an upward move if the consolidation lasts for a longer period of time. But if it manages to break above the above resistance level, we could see another selloff round we believe near $0.90. IOTA Forecast.
But the same level has become a buy zone over multiple time frames, and it could be repeated. IOTA should expect a retest of the $2 level in the next few months, given the increasing developments in AI and IoT technology that are aiding in the overall expansion of the IOTA cryptocurrency. On the upside, another resistance would be at $1.17, with support at $0.56. The chances of IOTA breaking out on the monthly and weekly time frames are very high.
The IOTA cryptocurrency has found support near the $1 area twice in the past ten days, indicating that buyers are active at the $1 level. Hence, one should expect an upward move in the longer time frame, as people will book profits very soon following the lessons taught by May 2021 Profit Booking.
Everyone knows about crypto holding patterns, and larger holding patterns create a sense of fear that holders may book profits when bad news arrives. Bouncing back towards the overbought zone, the RSI revived buying sentiment at $1.
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