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- 1 Binance helps IOTA with its upcoming upgrade by suspending its deposits.
- 2 IOTA has recently introduced IOTA 2.0 which aims at digital autonomy for everyone.
IOTA is a distributed ledger technology. It is also known as DLT. DLTs let us control our private data, run programs, and trade and own assets. As IOTA is a distributed ledger technology it maintains a ledger of token ownership between multiple nodes. The coin was founded in 2015 by four co-founders, Sergey Ivancheglo, David Sonstebo, Serguei Popov, and Dominik Schiener. The MIOTA has its team members across 25 countries.
The MIOTA exhibits a volume-to-market cap ratio of approximately 1.28%. In terms of its circulating supply, there are approximately 2.77B IOTA tokens available, out of a max supply of 4.6B IOTA. Notably, the highest price ever achieved by this cryptocurrency was $5.25, and at present, it is undergoing a decline of around 97.12% from its historical peak.
IOTA crypto primarily sees the highest trading activity with the USDT pair, with approximately 41.64% of its trading volume occurring on the Bitforex exchange. The crypto was officially launched on July 17, 2020. There is a huge advance of 61.74% in the trading volume of the crypto in the last 24 hours indicating the gain of interest of traders.
Is the Time For Breakout in IOTA Crypto Close?
MIOTA has formed an evening star pattern on the daily timeframe by engulfing the previous candles. This price behavior indicates sellers’ dominance in the crypto’s price. The IOTA crypto is also following a declining channel pattern making lower low swing points.
The 50-day and the 200-day EMA are following a consistent downtrend trading in a death cross. The MIOTA crypto price is also trading below the EMAs declining to lower levels. This shows a bearish character in the crypto’s price.
The RSI for the IOTA has declined below the 50 level on the charts. Currently, it is trading at a level of 44.79 and has also declined below the 14-day SMA. This behavior of RSI further represents a lack of bullish momentum in the coin.
IOTA Liquidation Analysis
IOTA is showing some activity among the trader’s community as the derivative volume of the coin has advanced by 153.54%. The crypto has also faced a long liquidation of $33.86K in the last 24 hours while the short liquidation is only $1.38K.
Conclusion
With the decline in price, the volume of the MIOTA crypto is advancing. The technicals like the EMA and the RSI are bearish on the charts. The crypto also has formed a bearish candlestick pattern and is trading inside a falling wedge pattern.
Therefore, the IOTA coin’s price can continue to decline to a further lower level as there is no sign of buyers in the community, and it may hit lower support levels in the upcoming days.
Technical Levels
- Support levels- $0.1200 and $0.14200
- Resistance levels- $0.2100 and $0.2600
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.
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.
