It is without a doubt that IOTA is one of the most interesting and fastest growing Internet of Things (IoT) solutions around. There are lots of rumors that the value of the digital currency is in the process of progressing upward from its lowest levels. The values of IOTA are trickling and synchronizing with the directions of May 11.
The Price Analysis of IOTA
This digital currency has been in the sell-off trend since its value declined below the $2 mark. The level that acted as a better support for the cryptocurrency later turned into a very strong resistance level, strengthened by 200-day moving average. The value of IOTA against the US dollar declined to $1.64 during Asian hours before increasing to $1.76 at the time of writing.
The digital currency has been in green since the beginning of the day, but it still records a 4 percent decrease in a space of 24 hours. Based on market value, IOTA is sitting at the number 9 position in the list of the largest digital currencies in the world, and the current market cap of the coin is $4.89 billion.
The trading volume of the digital currency registered at $78 million, which is a significant decrease compared to more than $300 million about ten days ago. The sudden decrease of trading volumes may indicate that the initial excitement regarding the project is retreating.
The Technical Picture of IOTA
On the longer term time frame, the value of IOTA against the USD is supported by 100-day moving average at $1.65. This level stopped the bearish trend twice – on the 17th of May and early hours of May 18. This implies it is strong enough to withstand selling pressure.
Nevertheless, once it is broken, the value of the coin may decline to $1.4 and then to $1. On the upside, the present bullish goal for IOTA is $2, accompanied by $2.5.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
