Technical Analysis of IOTA(Nov.10th)

IOTA is a cryptocurrency designed for the Internet of Things (IoT). There is no concept of block or blockchain and thus no concept of mining. This also means there are no transaction fees. It uses a different data structure, tangle, which is based on a directed acyclic graph. My opinion is that IOTA could be a very good investment opportunity and putting a reasonable amount of money into IOTA could potentially turn out to be an excellent investment. IOTA has already teamed up with the likes of Accenture and Deutsche Telekom, with ambitions for additional big partners in the future. When we look at the 1-year chart we can see that IOTA is moving in “downtrend”. As long IOTA is below $1 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $0.4 and $0.8 – If the IOTA jumps above $0.8 that would be a “BUY” signal and the open way to $1. If the IOTA jumps above  $1 that could be a strong signal of the trend reversal and the open way to $1.5. On the other side, if the IOTA falls below $0.4 that will be a strong signal “SELL” signal and the next target could be around $0.3.

Advice: IOTA can be a very good investment option according to estimates and some predictions say that this cryptocurrency could be above $4 in the next several years. Yes, it is true that the price could fall even more but the current price of IOTA stands around $0.46 and this is very close to strong support which stands at $0.40. In other words, IOTA has a very good risk/reward ratio in the market right now which means you stand to gain a lot more for taking a comparatively smaller risk. As for the technical picture, the IOTA remains in bearish phase but if the price advances above $1, short-term traders can enter the position with the stop loss at $0.9 and take profit at $1.3 or even $1.5.