IOTA (MIOTA) has found strong support above the $0.20 level but the price is still not able to surpass $0.30 resistance. If you want to buy IOTA, the current price level represents good value for what you pay and maybe now could be a good time to buy this cryptocurrency.
Fundamental analysis: The fundamentals of this cryptocurrency are steadily improving
IOTA is a Germany-based distributed ledger technology project with a cryptocurrency with the ticker MIOTA in the center of the network. This project is connected with smart energy, eHealth, the automotive industry, Industrial IoT, global trade and supply chains.
IOTA was planned from the beginning to interact with everything and IOTA can seamlessly be integrated into all coding languages. The technology behind IOTA is called Tangle and it is important to say that IOTA is not using the blockchain technology.
This allows secure data transfers to happen directly between digital devices, without transaction fees, in a self-regulating manner. The number of connected devices that will be in use is estimated to reach 75 billion by 2025 and during the same period, broadband speeds are expected only to double.
It will not be possible for all these devices to continuously connect to centralized cloud silos for all the data they will produce but this can be solved with IOTA. A very good team stands behind this project, the fundamentals of this cryptocurrency are steadily improving and the price is close to the current resistance level which stands at $0.30.
My opinion is that IOTA has a very good risk/reward ratio in the market currently and according to analysts IOTA could reach a new price record in the coming years.
Technical analysis: IOTA has stabilized above the important support level
There are also some obvious risks when it comes to buying IOTA and investors should have in mind that the price could also fall in the upcoming period.
Data source: tradingview.com
According to the rules of technical analysis, the current trend of this cryptocurrency is neutral-bullish. The current resistance levels are $0.30, $0.35 and $0.40, $0.25 and $0.20 represent the current support levels.
If the price jumps above $0.30 it would be a signal to buy IOTA and we have the open way to $0.35. Rising above $0.40 supports the continuation of the bullish trend and the next price target could be located around $0.50.
On the other side, if the price falls below $0.25 it would be a “sell” signal and we have the open way to $0.20.
My opinion is that IOTA has a very good risk/reward ratio in the market currently and according to analysts IOTA could reach a new price record in the coming years. IOTA has lots of advantages over the Bitcoin and as long the price is above $0.20 this cryptocurrency is not in the “sell” zone. If the price jumps above $0.30 it would be a signal to buy IOTA and we have the open way to $0.35.