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- IOTA foundation has recently released a shimmer EVM test chain on its Shimmer testnet
- Technical indicators of IOTA are currently favoring a consolidated trend in price. It has seen a drop of 2% in intraday session
IOTA has been designed specifically for the Internet of Things (IoT) industry. It is one of the safe and secure methods to transfer data between the machines. IOTA uses a unique technology called the Tangle, which allows for fast transactions. The Tangle is a directed acyclic graph which enables IOTA to achieve scalability and faster speed than others. There are no miners for the transactions and they are confirmed by using previous transactions in the networks. There are no miners in the transaction process and very less energy is used during the process. The scalability of IOTA makes a more viable solution for the IoT industry and supply chain management. Meanwhile IOTA foundation has recently released a EVM testnet on the shimmer testnet which will help the developers.
IOTA has a market cap of $588 Million and is ranked 80th in the cryptoverse.Volume of the asset price has seen a pump of 19% in the intraday session.Volume to market cap ratio of IOTA suggests a consolidated trend in price.
Are Technical indicators favoring IOTA Upside?
The weekly technical chart of IOTA hints towards a downside trend in price. On the daily chart it has been moving inside a consolidated trend. It is trading near the value of $0.211 with a drop of 2% in the intraday session. The upside trend of IOTA can see a halt near the value of $0.5.Meanwhile the support in the asset price can be seen near $0.1.It is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover in price in the future which can push the IOTA price down.
RSI of IOTA is near 48 with a small downside slope. The overall sentiment of the RSI is bearish for the future.
Conclusion
IOTA has recently released a EVM testnet on its shimmer testnet which will help the users. It is currently consolidating but can see a new high in the near future.
Technical Levels
Major Support:$0.4
Major Resistance:$0.4
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
