IOTA (MIOTA) endures a disappointing day: Price analysis and prediction
IOTA (MIOTA) is one of the most active cryptocurrencies in the industry. IOTA is designed to provide infrastructure to enable transactions on devices on the Internet of Things (IoT). It is a unique digital currency compared to its peers and has a promising future. It is considered as a long-term investment option by many investors. It can be looked at as profitable investment option with good returns, according to the trade patterns of the current year. The digital currency displayed a growth of over 12,500 percent in its value last year.
IOTA Price Today
IOTA exhibits a downward slide today in its prices.The day started at $0.969 with a market cap of $.26 billion. The trading volume was estimated at $38 million. Since then it has declined and is currently trading at $0.923 with a market cap of $2.5 billion. The key resistance level was traced at $0.969. The prices has dipped down by 6.92% over the past 24 hours. The digital currency is struggling to recover in the present bearish market.
IOTA vs Bitcoin
Bitcoin has experienced major fluctuations over the past 24 hours. At present one IOTA is equal to 0.0001568 bitcoin. IOTA displays a loss of 1.26% against bitcoin. While bitcoin is struggling maintain stable prices in the bearish market, the coin is battling to reach the $1 mark.
IOTA (MIOTA) Prices over Different Time Periods
MIOTA Price: Last seven days
The cryptocurrency was trading at $1 mark in the beginning of the week. The key resistance level was noted at $1.06 and the support level was traced at $0.898. The digital currency exhibited a loss of 6.008% over the past seven days. The current downward trend is disappointing for investors.
MIOTA Price: Last 30 days
The digital currency reached over $1 and almost reached $2 during the last year. The key resistance level for the past month was at $1.85. The coin reached as high as $1.98. However, the coin is sinking and is still grappling to reach $1.
MIOTA Price: Last 90 days
The coin reached a peak of $2.64 in the last 90 days. It has registered a decline since the hike. The trading prices have further faced a descent and continues to sink. It has reached below $1 which connotes that the selling pressure is rising.
It is showing signs of weakness against USD and Bitcoin. IOTA/USD is likely to go further down in the current bearish market.
IOTA Price Prediction 2018, 2020
According to Smartereum, MIOTA price forecast for a year is $11 and for five years is $38. This means a significant increase in the prices. Therefore, a credit investment of $ 100 will be approximately valued around $ 1782 in 2022. This marks a 17-fold increase which is a substantial surge in prices, the main reason why investors consider the coin as a long-term investment option.
Expert opinion can also affect the market prices. John McAfee is one such expert who is sceptical about IOTA. Even though he didn’t predict the exact price of IOTA he said the the coin will only have a gradual growth of 10% per year. Vitalik Buterin has also been criticising the coin for using Tangle rather than Blockchain. Tangle is an innovative new spin on Blockchain designed to process transactions on IoT.
Experts believe IoT to be a huge growth sector. Google’s acquisition of smart home automation company, Nest for $3.2 billion in 2014 and IBM’s US$200 million investment in the Watson IoT evidently suggests this. However, the crypto company is still building its core and has shown a lot of potential in 2017. It will be very interesting to see what the next 12 months hold.
IOTA Recent news
- MIOTA can be purchased by paying with cash at several Austrian Post office branches. This news was tweeted by Austrian-based cryptocurrency exchange, Bitpanda. The digital asset exchange platform explained in its tweet that this service will be available in over 400 post offices. The cryptocurrency company has been working hard to increase their collaborations.
- On June 16, the company announced a few of their R&D goals. According to their statement, for the next few months, the development team will work on strengthening the network infrastructure, decentralization and will be focusing on the need for developer inclusion in case of DApps. It will also formalise and comprehend cryptographic techniques to encourage the widespread usage of this coin.
- An international drug syndicate busted in a police operation called ‘Dryer’ led to recovery of 4.5m€ of BTC, IOTA and XLM.
IOTA was introduced to provide a solution to Bitcoin’s high transaction fee and less scalability. Therefore, this coin has managed to attract the attention of potential traders around the world. The upcoming technical developments will help the blockchain platform to become even more efficient and user-friendly. Thus, it is safe to say that despite the market volatility, MIOTA can expect a profitable year.
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