Bitrazzi
Bitcoin, Cryptocurrency And Blockchain News

IOTA (MIOTA) Flirting With the 61.8% Fib Level- 3 Tailwinds That Could Boost Price

Up 900% (1-year) with room to rise further

0

How IOTA Differs From the Rest

IOTA (MIOTA) is the next generation permissionless distributed ledger that utilizes a novel invention, called a “Tangle”, at its core. IOTA uses the DAG (Directed Acyclic Graph) technology instead of a blockchain to store its ledger. The technology provides scalability, unlike a blockchain, which has an inherent transaction limit. Its crypto token – the IOTA token – is, thus, built upon permissionless Tangle network known as the Mainnet.

Up 900% With Room to Rise Further

Over the past year, the IOTA token has delivered 900% in price return. From a humble $0.16 / IOTA in June 2017, IOTA is now trading over $1.6 / IOTA (as of June 8th 2018). However, the crypto asset continues to trade well above its long-term support level of $0.9. From a technical perspective, IOTA’s price can currently be seen flirting with the 61.8% Fibonacci level (the golden ratio) which lies at the $1.6 (as can be seen in the chart above). So, while IOTA may be treading downwards, for now, it is also gradually approaching 0.168 Fibs, where it may find support and reverse the trend. We can already see red candles shortening in length, indicating a smaller negative change per day (at closing) on average for IOTA.

What also boosts our faith in IOTA over the near-term is the direction of its moving averages. Both the 50-day and the 14-day moving average lines can be observed looking northwards.

3 Tailwinds That Could Boost IOTA

Further, 3 tailwinds that we believe could push IOTA towards forming a positive trend line, are:

  1. The recent unveiling of the Qubic project which is aimed at facilitating smart contracts, oracles, and outsourced computation. Qubic offers IOTA the functionality of a fully-fledged smart contract platform along with the scalability, and zero-fee utility permitted by DAG technology.
  2. The launch of IOTA Labs, an open community blueprint project, funded by the Ecosystem, managed by AKITA.
  3. Europe’s Bitpanda exchange is adding the IOTA token to its trading platform from June 14th.

Image Credit: Deposit Photos

Please note that this is a research-based opinion piece – at Bitrazzi.com we offer no direct product or investment advice.

Comments