IOTA was among the top losers in top 10 on Monday despite rumors that the foundation is aiming to hit $5 through its partnership with Nordic Semiconductor ASA (OTC:NDCVF). Unfortunately for IOTA holders though, the cryptocurrency took a bearish turn before even reaching a key resistance level and appears to be moving back towards the key support level of $0.44.
We haven’t given up on IOTA though. According to their website, there are a ton of upcoming projects and those under active development within the foundation. Some of IOTA’s engineering projects include:
- Trinity wallet which aims to bring a top-quality user experience together with in-depth security audits, enabling more people to use IOTA easily and safely.
- Hub which simplifies IOTA’s exchange integrations.
- Qubic which enables smart contracts, oracles, and outsourced computation on IOTA’s Tangle. Projects that are still in the research phase include a spam prevention and detection tool, an automatic peer discovery tool, and a cryptography spec which details all the cryptographic elements of IOTA.
Projects that are still in the research phase include:
- A spam prevention and detection tool.
- An automatic peer discovery tool
- A cryptography spec which details all the cryptographic elements of IOTA.
IOTA (MIOTA) Technical Analysis
Looking at IOTA’s price action on the daily chart you’d notice that the crazy fluctuations we used to see in the cryptocurrency’s price a few months ago have definitely calmed down. IOTA’s price action has become smoother and is probably waiting for that renewed bullish movement in the cryptocurrency market as a whole to bottom-out towards the all-time-high levels.
The IOTA/USD pair is being restricted by the daily Ichimoku cloud as the cloud is forming a strong resistance, preventing the price from moving higher. We need at least a break above the cloud to consider the formation of a new uptrend. Once this consolidation ends, the new bullish momentum could open doors for further gains towards the 38% and 50% Fibonacci retracement levels respectively.
This article was originally published on Invest Diva