- A subsequent increase in trading volume to over 75 million
- IOTA has 2.9 billion coins in circulation
- 46th place among the cryptocurrencies
- IOTA has a market capitalization of over $ 2 billion
IOTA became popular among crypto investors because of its unique use cases, the two of the greatest technological revolutions of the 21st. Instead of focusing on individuals conducting transactions in the trading environment, IOTA works with machines.
Let’s go straight to the most important functions of IOTA compared to other blockchains. IOTA is highly scalable and future-proof to process the large amounts of data coming from nearly billions of currently active Internet of Things devices. As a new scalable blockchain, IOTA can process almost a thousand transactions per second.
IOTA price analysis
50 day moving average: $ 0.8595
100 day moving average: $ 0.9644
200 day moving average: $ 1.3101
Let’s get to the technical analysis of the price movement: IOTA has slowly built a strong support, which is both psychological and important for the further upward movement. $ 1 is such an even and appealing number that investors want IOTA to trade above the level, so much so that in just 17 hours the volume is equal to the total downward transaction volume as of Aug 26, 2021.
In terms of the moving average, JOTA has two supports from the 100- and 50-day moving averages, indicating a positive trend reversal in the past 50-100 days. At the same time, the 200-day moving average will be a strong resistance stifling any upward momentum and is currently trading at a level of $ 1.31.
IOTA price action has been in a small zone of consolidation which has become a new trading style for investors to buy on support and book on immediate resistance levels. Well, IOTA is in a consolidation zone of 20-30%, there is a strong possibility of an upward move if the consolidation is extended. But if we manage to break down before breaking the upside resistance level, we may see another round of selling with a cap of $ 0.90 as per ours IOTA forecast.
But the same levels have become a buy zone in multiple time frames, and the same thing can be repeated. Given the increasing development of AI and IoT technology that will add to the general expansion of the IOTA cryptocurrency, one should expect that IOTA will test the $ 2 mark again within the next few months. On the flip side, there is another resistance at $ 1.17 with support at $ 0.56. The likelihood of IOTA breaking out is much higher on the monthly and weekly timeframes.
The IOTA cryptocurrency has received support from near the $ 1 region twice in the past ten days, suggesting buyers are active at the $ 1 level. Therefore, an upward movement can be expected in a longer period of time, as people will book profits much earlier according to the lessons of the profit booking of May 2021.
Everyone is familiar with the crypto queue, and the larger queue creates a sense of fear that if bad news arrives, holders will make a profit. The rebound in the RSI towards overbought zones is helping to revive buying sentiment at $ 1.