The digital currency market is gradually recovering. The past week has not really been friendly to the crypto market. Almost all the top coins in the market were deep in the red with double-figure losses. However, the weekend seems to be friendlier as some of the coins in the market saw some gains. XRP (XRP) was one of the digital currencies with the highest gains, with more than 9 percent increase in less than 24 hours.
Another digital currency with a notable change is IOTA (MIOTA). IOTA (MIOTA) is also recovering very fast, with an increase of about 3 percent in a space of 24 hours. IOTA (MIOTA) traded close to the 42 cents level yesterday. The digital currency found a strong support close to the 40 cents mark. Nevertheless, the digital currency is now trading below the 40 cents level, but it is still showing signs of a bullish trend.
IOTA (MIOTA) is a unique cryptocurrency project in the crypto space. It is one of the very few digital currency projects that does not use blockchain. The data of its transactions are stored in a blockless distributed ledger. This plays a very important role in the eradication of transactions fees. It also helps to reduce the processing time of transactions.
IOTA (MIOTA) Sees a Higher Level of Interest
IOTA (MIOTA) triangle is in a very high demand. The digital currency project has gained a strong interest in the IoT and business community. The project has penetrated several industries and more firms are showing their interest in it.
According to David Sontebo – the founder of IOTA – more than 600 organizations have shown their interest in IOTA. One of the major targets for the implementation of IOTA is the automobile industry. IOTA has secured a lot of strategic partnerships with top car manufacturing companies.
IOTA has also partnered with Audi – one of the most popular car manufacturing firms. This partnership will enable Audi car owners to pick their insurer and insurance plan based on real-time data. Car owners will be given the flexibility of switching from one insurance firm to another based on their driving pattern, route, and where they park their cars.
The IOTA Foundation is also working to publish comprehensive technical guides and documentation to build a marketplace that could reform ownership values and trust. Nevertheless, one major barrier to the global adoption of IOTA is its lack of third-party integrators. At the moment, any use case or application of IOTA requires coding. This could be a stumbling block for some potential partners.
IOTA (MIOTA) Price Today – MIOTA / USD
IOTA (MIOTA) is currently changing hands at 38 cents after losing about 7 percent of its value over the past twenty-four hours. The current market cap of the digital currency is $1.06 billion and its trading volume over the past twenty-four hours is $7.45 million.
IOTA (MIOTA) Price Analysis
The MACD (moving average convergence divergence) of IOTA (MIOTA) is presently in the bullish territory. The relative strength index (RSI) is hovering around the 38 cents level, however, it is still in the neutral zone. The digital currency is currently supported at the 36 cents level. The 35 cents level is also there to prevent further declines. On the upside, the immediate hurdle of the coin is at the 40 cents level. Over this level, the next hurdle is at the 42 cents level.