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IOTA has gained approximately 30% in the past one year despite being feeless for the Value and Data.
IOTA came in 2015 with the aim of revolutionizing the landscape of the crypto-verse. Its unique Tangle technology is different from the traditional blockchain structure. Its innovative DLT system enables feeless transactions and scales efficiently as more users engage. Its focus on scalability, decentralization, and security will make the protocol backbone for Web 3. It also delivers tools for creating and managing layer 2 EVM chains. It has gained significant attention from the crypto community and industry stakeholders, positioning IOTA as a frontrunner in the future of decentralized technologies.
Despite being fee-less for the value, IOTA price has remained stagnant for a very long time. Let’s delve deeper to know more about the current trend of the protocol.
The Decline In Confirmed Transactions
IOTA opens many possibilities for social impact, Global trade, and digital identity. The protocol is working towards realizing the goal. It has a total of 274754 active addresses, which shows the trust of the community towards the protocol.
IOTA has an average of 7 blocks/sec with an average inclusion rate of more than 80%. Meanwhile, the Shimmer EVM mainent of IOTA is observing a rise in the transactions and has reached 37.6k tx/day. If we look at the daily transactions on the IOTA mainent, they have declined and reached over 5.712k confirmed transactions.
If we look at the daily active address of the protocol, there is not so much change in the daily active address. The daily active address is stagnant at around 1.88k, while the number of daily sent tokens is 12 Million. The overall daily NFT has also taken a plunge in the past few weeks. The NFT market on the IOTA chain is growing steadily and can surge in the future. Various analysts are speculating a rise in the daily active wallets in the future.
Will IOTA Price Test The High Of $0.5 Soon?
The Continued Stagnation Of IOTA Token Price by Ritika_TCR on TradingView.com
IOTA has a market cap of $840 Million and is ranked 99th in the cryptoverse. The token has observed a rise of 77% in the volume and 8% in price in the last 24 hours. The volume-to-market cap ratio of the asset price is 3.59%, which indicates consolidation.
IOTA is currently trading near $0.25 in an upside parallel channel. The asset price is trading below the 50 and 100 EMA with a negative crossover. A strong momentum can be observed if the token price jumps over the EMA. The upside trend of IOTA can see a halt near $0.4, while the support price can be near $0.2.
RSI for the asset price is near 47, with a positive slope hinting towards a bullish trend. The MACD indicator also suggests a solid upcoming bullish trend for the future.
Conclusion
IOTA is a DLT technology that offers fee-less exchange for data and information. It has been observing a steady growth in its mainent. The IOTA 2.0 launch can revamp the trajectory of the platform. Many analysts are speculating a great rise in price after the IOTA 2.0 launch.
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
