Technical Analysis of IOTA

IOTA is a cryptocurrency designed for the Internet of Things (IoT), there is no concept of blockchain and there are no transaction fees. According to analysts, IOTA has very big potential in real-world applications and IOTA was planned from the beginning to interact with everything. IOTA has already teamed up with the likes of Accenture and Deutsche Telekom, with ambitions for additional big partners in the future. 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. The price of IOTA has been trading in $0.20-$0.40 range for a while and according to technical analysis, the downtrend is still very strong. When we look at the 1-year chart we can see that IOTA is moving in “downtrend” and as long IOTA is below $1 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $0.2 and $0.4 – If the IOTA jumps above $0.5 that would be a “BUY” signal and the open way to $0.6. 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 $0.2 that will be a strong signal “SELL” signal and the next target could be around $0.15.

Advice: 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 enables companies to explore new business-2-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees. According to the rules of technical analysis, the “bearish” trend of this cryptocurrency is still very strong. If the price of IOTA 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.