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- 1 IOTA price is trading in the bearish influence halting near the value of $0.4201.
- 2 Crypto is facing weakness in the daily timeframe breaking the key EMA levels.
IOTA operates as a form of distributed ledger technology (DLT), which enables the management of private data, the execution of tamper-proof programs, and the intermediary-free exchange and ownership of assets.
DLTs like IOTA keep a record of token ownership across a network of nodes. While simple for a single-entity network, DLTs require consensus among independent nodes, necessitating safeguards against potential rogue participants. IOTA’s unique approach sets it apart from other DLTs.
Unlike typical DLTs that use blockchains, where transactions are grouped into blocks and linked sequentially—akin to loading a train car by car—IOTA utilizes the Tangle. This system allows new transactions to validate previous ones, eliminating the bottleneck issue inherent in blockchain technology and streamlining the process.
Technical Analysis Of IOTA Crypto
IOTA crypto price has glimpsed strong selling pressure and the price has been down by 27.00% in the last 18 days. Currently, the price is in the bullish momentum facing rejection from the upper trendline. Recently, the IOTA price has broken below the 20 and 50-day exponential moving average and further performed negatively.
At the time of writing, the IOTA price is trading at $0.3049 with an intraday loss of 6.58%. The circulating supply is 3.19 Billion IOTA and the fully diluted market cap is $995.98 Million.
IOTA Crypto Price vs Volume Analysis
According to the santiment graph of price and volume, the trading volume has declined slightly from the beginning of this month and the price has also declined. In the past few days, the trading volume has dropped immensely and the price has also declined slightly. If the trading volume declines, then the price may slip below the trendline.
IOTA Crypto Social Dominance vs Social Volume Analysis
The social dominance and social volume santiment graphs have declined for the last few months which means the awareness and information on social media have decreased. Suppose the social dominance and social volume graphs increase then it may affect the IOTA price positively.
Summary
IOTA price analysis stays bearish for the short term till it trades below dynamic support levels. However, If prices buyers support it may bounce back. The technical analysis suggests that the crypto price is inside the bears’ grip. But if the overall market recovers, then buyers may try to push the price toward the upper level.
Technical Levels
Support Level: $0.2930
Resistance Level: $0.3766
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
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.
