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- IOTA has partnered with Digimarc for a decentralized blueprint for digital product passports.
- IOTA bulls are currently failing to keep an upside move.It has seen a loss of 2% in the intraday session.
IOTA is a distributed ledger technology and cryptocurrency designed for the Internet of Things (IoT) ecosystem. IOTA uses a different distributed ledger system called the Tangle, which is designed to enable secure and scalable machine-to-machine transactions. One of the key features of IOTA is its ability to facilitate microtransactions with negligible fees, making it suitable for use in IoT environments where the amount of data exchanged between devices is typically small. Additionally, IOTA’s Tangle network is designed to be lightweight and energy-efficient, making it a more sustainable alternative to blockchain-based cryptocurrencies. IOTA has partnered with Digimarc for decentralized blueprint for digital product passports to serve EU.IOTA has four co founders and is based in more than 25 countries. IOTA is a blockchainless blockchain which has seen a strong growth in the future. It has seen a fall of 96% from its all time high and may see a reversal to new high.
IOTA is currently ranked 69th in the CMC and has a market cap of $629 Million.Volume of the asset price has seen a gain of over 39% in the intraday session.Volume to market cap ratio of IOTA suggests a consolidated trend in price.
Are Bulls Of IOTA Giving Up?
The weekly technical chart of the MIOTA suggests ”Bears and Bulls are on rest. It is currently trading near the value of $0.22 with a fall of 2% in the intraday session. Resistance of the MIOTA can be seen near $0.5.Meanwhile the support of the asset price can be seen near $0.12.It is currently trading above the 50 and 100 Daily Moving Average. There can be a positive crossover which can push the asset price to a new high in the future.
RSI of the MIOTA is currently near 48 suggesting its presence in the neutral zone. There is a negative slope suggesting a downside trend in price.
Conclusion
IOTA has partnered with Digimarc to decentralized blueprint for digital passport. Various analysts are expecting strong growth in the future.
Technical Levels
Major Support: $0.15
Major Resistance: $0.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading any stock or crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
