Binance To Suspend IOTA Deposits, How Will It Impact Coin Price?

IOTA is an open scalable distributed ledger designed to support value and data transfer. IOTA provides its own SDK to integrate IOTA into our own applications. It helps in interacting with nodes in the shimmer and IOTA networks running stardust protocol.

IOTA was founded by four co-founders in the year 2015. The coin was first launched in July 2016. It uses CURL hashing algorithms for hashing transactions and blocks. The IOTA follows THE_TANGLE consensus mechanism to achieve necessary agreement on a single data value or single state of the network.

The market cap of the IOTA crypto has declined by 0.41% in the last 24 hours following a decline of 44.25% in the spot trading volume and a decline of 38.04% in the derivatives trading volume. This huge decline in volume could be due to the announcement of Binance for suspension of IOTA deposits.

IOTA crypto has a market cap rank of #84 as per Coingecko. The crypto has a market cap dominance of 0.037%. Currently, the IOTA has a volume/market cap ratio of 0.0133 and it has a fully diluted market cap of $699.38M.

IOTA Crypto Price Technical Analysis

The crypto price of IOTA is following a declining channel and the price is consistently losing its value. Based on the recent scenario, the IOTA crypto seems to be taking support and building a base at a lower level. If the price manages to break above the level of $0.2210 then it can result in a further uptrend.

The RSI for the IOTA crypto looks mildly bullish. RSI is trading below the 50-level, still, it has crossed above the overbought zones recently following a bullish cycle. If the RSI manages to break above the 50 level, it can result in a huge advance in crypto price.

IOTA Liquidation Analysis

The IOTA share has not witnessed any significant change in the volume or the liquidation in the last 24 hours. The major reason for this behavior is that the traders are not showing interest in the coin due to limitations imposed because of upgrades in the IOTA coin.

Conclusion

The IOTA crypto price is trading in a declining trade. The indicators are also bearish for the stock. There has been no significant activity in the crypto by the trading community due to restrictions by Binance. The volume for the IOTA coin is also drying off.

Therefore, if the IOTA crypto breaks above the level of $0.2217 we might witness a higher level in the upcoming days. If the coin fails to break the level, it may get volatile to negative.

Technical Levels

Support levels- $0.1200 and $0.1426
Resistance levels- $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.