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.
The 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.