Ledger-based solutions offered by the IOTA network far supersedes the features and benefits provided by blockchain networks. Removing the need for intermediaries to validate transactions using its validation system called tangle, IOTA has created the foundation for this digital asset not to be limited in terms of scalability. Before blockchain came into existence, the Internet of Things was considered the most influential invention of the 21st century. IOTA focuses on using the same IoT technology to drive its transaction network.
IOTA offers indisputable without any security compromise. As it uses the internet, which is accessible all around the globe, IOTA can easily ensure anytime anywhere decentralized payments systems. Compared to blockchain networks, the data there came in small blocks packages, which made the transactions slower in light of the transaction speeds offered by IOTA.
As of October 14, 2021, IOTA is valued at $3.84 billion, with a circulating supply of 2.79 billion coins. It currently ranks at 46th position but offers one of a kind payments system that is capable of shaking the entire blockchain network with relative ease because of its tangle-based validation system.
IOTA Eyes $2 After Breaking Past 200 DMA
IOTA cryptocurrency is moving upwards with close to 40% returns in October 2021 so far. The crucial psychological level of $1.50 will be instrumental in deciding further price momentum in the coming months.
IOTA has shown some buying action close to the $1 level indicating a positive buying sentiment to be emerging for this cryptocurrency which considers it a value buy. However, it faces stiff resistance on the upper level of $1.50, which is a significant psychological level. Moreover, 200 DMA was also acting as a decisive rejection curve for the past few days. But finally, IOTA has made a comeback by breaching the selling pressure witnessed near the 200 DMA curve and is now headed towards a fresh high.
The all-time high value of $2.73 is still too far to be tested anytime sooner, but we can expect IOTA to trade close to $2.00 levels before the end of 2021. RSI has also changed its course under impact from the buying movement we witnessed earlier since the $1 levels. $1.50 has emerged as an immediate resistance level, while $2.00 is a strong resistance.
Closely analyzing the trading momentum and candlestick patterns, we can witness pin bar candles being developed close to $1.50, indicating a much higher resistance at play. Pin bar followed by a red marubozu candle has further created a fear sentiment for buyers, and hence we can witness yet another selling from a similar price level. Only positivity can be seen from the strong 200 DMA curve to support the buying sentiment while helping dissuade any sudden sell-off from the top.
