Should I buy IOTA right now? Here is my price prediction

IOTA transactions once again possible - The project's mainnet problems are fixed

IOTA MIOTA/USD is quite possibly one of the most unique projects, which serves as a connection between IoT devices.

The data transfer in the IoT ecosystem from and to the linked devices is handled by the network, and it can also execute smart contracts of multi-devices quickly.

This is all powered by the MIOTA token.

IOTA (MIOTA) Price Analysis

To get a better understanding of how the value of the MIOTA token can increase or decrease over time, we need to look at its historical growth to pinpoint the values.

On April 16, we saw IOTA’s recent highest value of $2.53, which marked a huge milestone for the value of the cryptocurrency. On April 25  it dropped to $1.63 but still managed to stay over the $1 mark.

All of that changed on May 23, where it dropped under $1 after a while, down to $0.75.

Now that you have some perspective of the recent historical value of the token, to get some more relevant data, we will be looking at June.

On June 3, IOTA had a value of $1.44. The lowest point it got to throughout that month was on June 22, where it hit its lowest value of $0.66.

Throughout the span of June alone, its value decreased by 50%.

While this proved to be unfortunate for holders of the token, it might have just paved the way for new investors to get big returns by investing in IOTA.

Should you buy IOTA (MIOTA)?

On July 9, IOTA had a value of $0.80.

This is still miles away from the $2 value it comfortably sat at in April, however, it could be the perfect entry point for new investors.

Its trading volume within the last 24 hours has increased by 40%, signaling that the demand and usage of the MIOTA token are higher than before.

An increase in demand such as this one will typically lead to a higher value, as there is a requirement for more MIOTA tokens in the supply.

Speaking of MIOTA’s circulating supply, it is at 2.78 billion MIOTA.

With all of this in mind, we can predict that the price of MIOTA can increase to $1 by the end of July, given its increase in activity and usage.

The post Should I buy IOTA right now? Here is my price prediction appeared first on Invezz.

Publication date: 
07/09/2021 - 19:57
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.