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- IOTA has recently got a role in European Union blockchain initiative and can see a wide adoption.
- Technical indicators are favoring a weak upside move.It has seen a gain of 2% in the BTC pair.
IOTA is a cryptocurrency that aims to enable free and instant transactions between devices on the Internet of Things (IoT). It uses a technology called the Tangle, which is a directed acyclic graph (DAG) rather than a traditional blockchain. The Tangle allows for faster and more scalable transactions, as well as the ability to handle zero-fee transactions.One of the key features of IOTA is its ability to handle microtransactions. Traditional cryptocurrencies like Bitcoin and Ethereum have high transaction fees, making them unsuitable for small transactions. IOTA, on the other hand, can handle transactions of any size without incurring fees.IOTA also aims to be more secure than traditional blockchain-based cryptocurrencies. The Tangle uses a form of quantum-resistant cryptography called the Winternitz one-time signature scheme. This makes it more resistant to attack from quantum computers, which are expected to become a threat to traditional blockchain-based cryptocurrencies in the future.
IOTA is currently ranked 67th in the CMC and has a market cap of $675 Million.Volume of the asset price has seen a small increase in past 24 hours. Volume to market cap of the IOTA suggests a strong upside move in the future.
Bulls Of IOTA Are Ready For A Run
The weekly technical chart of the IOTA suggests a consolidated trend in price. On the daily chart it is trading near the value of $0.248 with a loss of 1% in the intraday session. Resistance of the IOTA can be seen near $0.5. Meanwhile the support of asset price can be seen near $0.2.It has formed an upside parallel channel which can push the asset price.It is trading above the 50 and 100 Daily Moving Average. There can be a golden crossover which can push the asset price to a new high .On the 4 hour chart it is looking to see a recovery for a new high.
Conclusion
IOTA has gotten a role in European Union blockchain initiative. IOTA is currently in a weak upside move and can see a new high in the future.
Technical Levels
Major Resistance:$0.25
Major Support:$0.15
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.
