Will MIOTA Record Positive Breakout Despite Consolidation?
IOTA is a distributed ledger, relatable to Ripple, distinguishing itself from a blockchain. The in-house token for this ledger is called MIOTA. The way IOTA presents itself is not in the role of an altcoin but as an extension of the current blockchain technology.
It works on the similar ethos of new-age crypto blockchains, such as secure, efficient, low transaction cost, and other jargon. While most blockchain is working to scale and grow their business, IOTA identifies itself as a not-for-profit ecosystem that would work for the expansion of its network.
MIOTA is currently worth $840,610,619, with an all-time high of $5.69 in December 2017. The next bull run took MIOTA to the peak of $2.5 in April 2021; MIOTA has desperately been waiting for the next breakout.
The MIOTA token has lost its charm as consolidation is weighing on the buyers, who can give their holding and thus create a bearish movement. The current price trend on a larger scale shows a repetition of the 2018 price action. Should you invest your money in IOTA? Click here to know!
Taking cues from the May 2022 decline, the price of the MIOTA token has succumbed to profit booking leading to consolidation between $0.25 and $0.32. The buying strength has improved significantly since the lows of June 2022, but it hasn’t been able to mark a bull trend.
IOTA price indicates a battle between buyers and sellers where neither of them is winning on the short-term time scale. The marginal gain of July 27 prevented the possible bearish crossover of MACD, which halted further downtrend play for the short term. It would be worth watching how this trend can create a delay for further downfall and testing new lows.
The immediate resistance in case of a positive breakout would be $0.40, followed by $0.65 and $0.82, respectively. The recent rumors of their work on a privacy-preserving login system would allow Web 2.0 and Web 3.0 to give users complete control over the data they are willing to share with the applications. This implementation in real-time could bring a spark in IOTA (MIOTA) prices.