IOTA breached another yearly high on 29th May 2019 as the price gained about 10% on a daily scale. The price of IOTA at 4: 37 Hours UTC on 29th May 2019 is $0.473. It is trading just below the six-month support level near $0.47.
The rise can be attributed to the recent update on IOTA labeled as ‘coordicide’ or the death of the coordinator. It includes all kinds of validating nodes with miners and stakeholders. IOTA has introduced a permissionless and scalable Distributed Ledger Technology.
According to the claims of the non-profit organization behind IOTA, the adoption and evolution of the DLT are not influenced by miner gains or corruption. Moreover, the new protocol implements fee-less transactions. Hence, it enables micro-payments, and information and data sharing between machines.
IOTA’s Distributed Ledger Platforms aims at providing a new generation of a blockchain application that is fast and free to use. Nevertheless, the feeless model creates doubt about its fundamental intrinsic value. At the same time, increased adoption of IOTA due to the technical prowess will affect the price positively due to limited supply.
Technical Analysis suggests that the bull run might continue if IOTA breaks above the current Resistance and support level. The MACD on the four-hour, daily, and weekly chart suggests bullish divergence. However, the RSI is near the over-bought region, indicating a pullback.
The 50 and 100-Day Moving Average also moved above the 200-Day Moving Average on a daily scale which is also a bullish indicator. A bullish target of $0.72 is on the cards but stop losses must be placed below $0.38.
Furthermore, Bitcoin’s dominance and influence over the prices on cryptocurrencies is considerable. Hence, the traders and hodlers should also watch out for BTC price movements.
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Author: Nivesh Rustgi