IOTA Price Analysis: Multiple Wallet Theft Cases Caused Major Pullback For IOTA

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • IOTA is currently facing a downtrend of -2.78% bringing the price back to the level of $0.31.
  • The theft cases reported by traders in trinity wallet have resulted in a negative impact on the altcoin.

Currently, the price of IOTA is around $0.315220 with the market capitalization of $876,163,954 and the 24H volume traded of $34,090,545. IOTA bulls were having a strong momentum in this year until the news came and changed the perspective of traders of IOTA.

FUNDAMENTAL ASPECT

IOTA released its software wallet TRINITY back in July 2019 which was developed by the IOTA foundation itself. Trinity beta had over $1.8 billion of IOTA transacted and more than 160K downloads before the launch of the trinity.

Source: Twitter

But, Currently, the wallet is facing hacking activities and stealing of funds. IOTA community also advised their investors to not open or use trinity on the desktop until further notice.

Also, the community is working with law enforcement and cybersecurity experts to investigate the coordinated attack which resulted in the stealing of funds. Currently, the Coordinator is halted until further notice to investigate reported issues with stolen funds.

Source: Twitter

TECHNICAL ASPECT

Source: Tradingview

The technical chart reflects on the bullish momentum that IOTA was building this year. It started the year with a price mark of $0.16 and touched the major resistance of $0.36. Due to the downtrend, it is brought back to the mark of $0.31.

The volume traded also fluctuated as the community advised its investor for not accessing the wallet until the case is resolved. It is expected that the community will resolve the theft case ASAP so that IOTA bulls won’t be halted for long.

The RSI faced negative divergence from the overbought territory and is around the level of 60 which is a positive indicator for IOTA bulls.

The negative divergence was also seen in CCI which brought it from overbought to positive territory.

MACD levels reflect the ongoing selling pattern going for IOTA but at the same time indicate that bulls have strong potential to come into play.

Resistance Level: $0.33 and $0.34

Support level: $0.27 and $0.25

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