IOTA Trades Good Jumping 21%: Would You Buy Yet?

IOTA is trying to bounce back after dipping to lows during today’s market sell-off. On November 16, 2018, IOTA officially launched Staking, a process that will allow holders of cryptocurrency tokens to get free tokens called Shimmer. IOTA is currently trading at $1.47, up 21.1% in the last 24-hour. The Iota Foundation also launched its staging network, Shimmer, which will allow users to easily approve future upgrades. IOTA is trying to build support around the MA 50 at $1.313 to prevent the sell-off from the $1.52 high. If the MA 50 holds, then the price could target the 200 and the $1.12 low. A break below the $1 level could lead to a test of the $1.12 low. After testing support at the lows around $1.13, IOTA staged a recovery and started regaining its footing.

Tobias Arhelger IOTA 2 1 scaledThe uptick was prompted by an oversold RSI reading. If the bulls can regain control of the $1.40 and $1.56 levels, then these obstacles would give them some reason to believe that the market is heading for a higher finish. IOTA is a distributed ledger that enables the Internet of Things to connect to each other. Its revolutionary new quantum-proof protocol, called the Tangle, will allow it to provide new features, such as zero fees, secure transactions, and infinite scalability. IOTA is a cryptocurrency that doesn’t require a transaction fee and is ideal for use as a payment method for the Internet of Things. Its main purpose is to solve some of the problems with Blockchain technology.

Anthony Gonzales

Biotech, Tech, and Crypto reporter Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.

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