IOTA which started life in 2016 during February is absolutely growing. It completely missed the crypto wave in 2020, which took Bitcoin above $ 20,000. But it finally caught up with the rest of the market in February, as the price rose from about $ 0.40 to $ 1.40. The price briefly retreated below $ 1 on Feb. 15, but rose above $ 1.70 in the following days, indicating that this bullish move is viable. On February 22, we saw another drop below $ 1, but the price jumped back above $ 1.30, confirming the bullish bias.
IOTA profited immensely from the surge in the cryptocurrency market in 2017, rising sharply from about $ 0.20 to $ 5.80 by December of that year. The price eventually fell, along with the rest of the crypto market, and traded sideways for two years. But while the rest of the crypto market grew in the second half of 2020, Iota continued to trade in the range, missing the recent wave, which took Bitcoin to $ 20,000 for the second time.
The implementation of the Internet of Things (IoT) has accelerated since the beginning of the COVID-19 pandemic, but despite the fact that IOTA is a system for IoT transactions, it has not benefited from it either, which raises questions for investors. At least the moving averages have turned from support to resistance on maps of larger periods, so hopefully they will offer support for IOTA.
The latest changes in the price of IOTA
Factors affecting IOTA
IOTA is a blockchain developed to handle transactions between connected devices in the Internet of Things, which aims to connect all machines and human finances, enabling instant automatic payments. The implementation and development of the IoT will have an impact on IOTA, which is generally expected to be positive, although it is also likely to have an impact in the longer term. Scalability is a positive factor for IOTA, compared to Bitcoin, although it has its problems. The security of the system is quite vulnerable, which has discouraged investors from turning to this cryptocurrency.
IOTA price forecast for the next 5 years
Latest achievements for IOTA / USD
IOTA, which has a market cap of about $ 821 billion, lags behind other major cryptocurrencies in terms of value increases. Although most other cryptocurrencies rose in the second half of 2020, MIOTA has largely stagnated, not increasing the market limit, which is not convincing when it comes to attracting new investors. On the one hand, IOTA could be considered the cryptocurrency of the future, as IOTA is a network for the Internet of Things. They have reached agreements to extend the utility of the platform to connected devices with prominent companies, such as Bosch and Volkswagen.
But on the other hand, IOTA’s cryptocurrency, MIOTA, will not be the exclusive digital currency for online payments. Any altcoin will be used for this, so the IOTA network will only act as such, meaning there is no direct benefit to MIOTA altcoin, although it does benefit from the scalability of its DAG technology. This technology allows users to check 2 previous transactions to execute a new transaction. On the IOTA network, transactions are linked together, allowing for faster processing times and lower transaction fees. Still, IOTA missed the cryptocurrency wave in 2020, and the fact that founder and co-chairman David Sønstebø was forced to leave the Iota Foundation after a unanimous decision by the board in December 2020 does not help.
Profit is minimal in larger time frames
IOTA / USD rose in late 2017, along with most cryptocurrencies, rising to $ 5.80, but by July 2018 it had recovered all those gains, stopping the decline in the area around $ 0.10, where it formed a zone support. That zone turned into ultimate support. Over the last two years, 20 SMA (gray) has offered resistance, but in July 2020 the price managed to rise above that moving average, which turned into support. However, IOTA has failed to reach new highs since August 2020, as mentioned above, suggesting that customers are not responsible for this altcoin.
The peaks are still lower for IOTA
On the weekly chart, moving averages also offered resistance for several years, especially 50 SMA (yellow), which lasted until mid-last year, when the price moved above this level. The support zone is also visible here at around $ 0.10, while 20 SMAs have turned into support, and the price is currently trading at exactly this moving average. Now the question is whether the MA will be broken. If they are, we could see a dive to $ 0.10 from about $ 0.30, where it is now trading. If not, we can expect a rebound, though it