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- IOTA is currently struggling to fail to gain momentum above $0.5.
- Technical indicators of MIOTA coin price suggest a consolidated trend. IOTA/BTC pair has seen a loss of 3.57% in the past 24 hours.
MIOTA has been created to work as operations of completely decentralized ledger of IOT devices.IOTA does not use blockchain technology instead they use their proprietary technology called TANGLE,which uses a system of nodes to conform the transactions.IOTA was co founded by Sergey Ivancheglo, Serguei Popov, David Sonstebo and Dominik Schiener. New transactions in IOTA are validated by approving two previous transactions from another node. The team behind IOTA has said that IOTA has a lot of potential use cases. It can be used to deliver digital identities and also a way for to deliver global trade and authenticity of products. Various analysts are expecting a strong growth in the future.
IOTA has a market dominance of 0.06% and is ranked 67th in the cryptoverse. Volume of the asset price has seen an upside of more than 100% in the intraday session. Volume to market cap ratio of the MIOTA suggests a downside trend.
Bears Are Pushing Down The IOTA Price
MIOTA has been seeing a downside trend and can hit a new low in the future. It has formed a downside parallel channel. The weekly technical chart of the asset price suggests a consolidated mode.On coming to the daily chart the asset price is currently trading below the $0.2 and has seen a loss of over 2% in the intraday session. The upside trend of IOTA crypto price can see a halt near the value of $0.3. Meanwhile the support of the asset can be seen near $0.1. The asset price is currently trading below the 50 and 100 Daily Moving Average.
Conclusion
MIOTA coin price has seen a fall of more than 85% in the intraday session. IOTA coin price is currently seeing a downside trend and can move to a new high in the future.
Technical Levels
Major Support:$0.15
Major Resistance:$0.35
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
