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- 1 IOTA has introduced IOTA 2.0 which is a protocol aiming at digital autonomy.
- 2 The IOTA coin’s price is taking support at lower levels.
IOTA can be called distributed ledger technology as it lets us control our private data. It maintains a ledger, a tally of token ownership between multiple nodes. IOTA runs on a tangled structure where new transactions verify the older transactions. IOTA was founded by four co-founders in the year 2015. The coin was launched in 2016. The coin follows THE_TANGLE consensus mechanisms.
The IOTA coin has seen an advance of 18.22% in the derivative volume in the last 24 hours. This advance in volume is not just limited to derivatives. The volume of the coin has also increased by 9.80% in the last 24 hours. It indicates that the traders are initiating some kind of activity in the coin.
Following a decline in price, the market cap of the IOTA has declined by 2.63% in the last 24 hours. This has resulted in $422.16M and the volume/market cap ratio of the IOTA coin is 1.13%. The coin has a circulating supply of 2.77B MIOTA. It is followed up with a fully diluted market cap of $421.92M.
The current market cap rank of the IOTA is #87 as per Coingecko. The IOTA token price was advanced by 2.3%b in the previous trading session. When we look at a larger time frame, the token price fell by 45% in the previous 1 year. The IOTA coin is underperforming as compared to the global cryptocurrency market because it has only advanced by 1.90% in the last 7 days.
IOTA Coin Technical Analysis
After a consistent decline in the price, the coin is currently taking support at the lower levels. If the price of the coin breaks above the level of $0.186968, it can lead to a change in trend forming a double bottom. Despite this, if the coin fails to break above the level, we might get to see a further decline in the price.
Following the consistent decline in price, the IOTA crypto is trading below the crucial EMAs. The 50-day and the 200-day EMAs are trading in a death cross, following a declining trend.
The RSI of the IOTA coin is currently trading below the 50-level, following a bullish cross of 14-day SMA. This indicates uncertainty in the momentum of the coin. If the value of the RSI continues to slide, we might see a further decline in price.
Conclusion
The IOTA coin has seen a minute surge in its trading volume in the last 24 hours. Following this we can expect some activity going on in the coin. Considering the technicals, the coin has not yet made any significant pattern. Therefore, the price is still considered to be uncertain unless it breaks above or below the previous swing.
Technical Levels
- Support levels for the IOTA Coin are: $0.1200 and $0.1400
- Resistance levels for the IOTA Coin are: $0.2105 and $0.2686
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
