Price Analysis

IOTA Price Analysis: Will Current Bearish Trend Smash All Hopes Of IOTA Investors?

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  • IOTA (MIOTA) uses a unique algorithm named ‘Tangle’.
  • The bearish trend is expected to continue in the coming days and bring the price down even further.

IOTA is an open-source distributed ledger technology that has been designed to facilitate microtransactions between systems on the emerging Internet of Things (IoT). It uses a unique algorithm ‘Tangle’ wherein the users have to validate two transactions before making their own transactions.

The volatility of the crypto market had its bearing on the price of IOTA, as can be seen from the YTD price chart. The price has been mainly fluctuating in the range of $0.24 – $0.39 though it went as high as $0.51 on May 29.

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IOTA Price Latest Statistics:

As on July 01, 2019 at 7:18:51 UTC, current market statistics are as below:

  • The current market price of MIOTA is $0.39752094.
  • The current rank is 18.
  • Current market cap is around $1,114,367,364.
  • 24 h volume is at $20,146,970.
  • Though MIOTA has a negative ROI of 37.21%, still the Circulating supply has a better outlook 2,779,530,283 MIOTA.

IOTA Price Comparison:

IOTA Price Chart - 01 July

The IOTA chart has been showing somewhat bearish trends in price with the MIOTA price slowly picking a great upward momentum only from the end of May 2019. On Jan 09, the price of the token (IOTA to USD) was $0.36373419. The price slid to $0.2440254 on Feb 02 within a gap of 28d to the extent of 32.50%. In a matter of 60 days on Apr 04, the price went up to $0.3592730, showing a movement of 46.62%. The price again hit bottom on May 05, at $0.2567312 within a span of 30d, the downward movement is to the tune of 28.56%. The price then shot up to a huge rise of 102.40% on May 29 at $0.51318423 after a gap of 22d. This was a short momentum with the price again going down to $0.39411903 on June 27 after 29d, the oscillation being to the extent of 23.18%. The current day’s price is $0.39752094, which shows a negligible increase of 0.76%. This indicates that the IOTA price has been showing huge volatility and is uncertain. Even if the market shows a little stability in the coming days, the price would still be expected in the bearish range of around $0.39 – $0.41.

IOTA Price Prediction:

The cryptocurrency market for IOTA has been continually showing a bearish trend with minor bullish trends, which is affecting the performance of currencies, including IOTA. Even great projects like IOTA are not able to pull it off due to its instability in the market. This trend is expected to continue in the coming months well up to the year-end.

Conclusion:

In this scenario, there is the possibility of IOTA price going down further. Any type of investment is risky in this kind of market situation. It is better to wait for the market to stabilize before taking any further steps.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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