- IOTA price prediction hints towards a bearish momentum in the price. It has seen a gain of 0.43% in the intraday session
- IOTA may test a new low of $0.1 in the near future. It has seen a drop of 0.55% in the ETH pair
IOTA is a distributed ledger technology that has been designed to enable (M2M) transactions on (IoT) devices. It was created in 2015 by a team of developers led by David Sonstebo, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov. It does not use blockchain technology like most other cryptocurrencies. It uses a directed acyclic graph called the Tangle. The working of the Tangle is different from the blockchain and each transaction is linked to two previous transactions.
IOTA has the ability to facilitate microtransactions with zero fees. The structure of the network also helps to eliminate the need for miners to verify the transactions. It has a lot of use cases including Track & Trace, Regulatory Compliance, and many more. Meanwhile, the shimmer network of IOTA has been successfully operating since its inception. The current quarter of IOTA has been very busy and has seen a strong development ever since then.
IOTA has a market cap of $558 Million and is ranked 83rd as per their market cap in the CMC. The volume of the asset price has seen a drop of 44% in the intraday session. The volume-to-market cap ratio of IOTA suggests a weak consolidated trend in price.
When Will IOTA Downside End?
The weekly technical chart of IOTA hints towards a struggle between the bulls and bears. IOTA has been forming a strong bearish candle on the daily chart. It is trading near the value of $0.2 with a drop of 1.03% in the intraday session. The upside trend of IOTA can see a halt near the value of $0.3. Meanwhile, the downside trend of asset prices can see a bounce back near $0.16. It is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the asset price to a new low.
The RSI of the asset price is near 39 suggesting its presence in the oversold zone. There is a downside slope in RSI hinting towards a bearish move in price.
Conclusion
IOTA has seen a fall with the overall drop in the crypto market in the past few days. IOTA is trading in a bearish trend and can move to a new high in future.
Technical Levels
Major Support:$0.15
Major Resistance:$0.3
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/04/23/iota-falls-below-100-dma-will-it-see-a-bounceback-from-0-1/