IOTA (MIOTA) Registers Almost 30% Decline Over the Last 24 Hours!

IOTA (MIOTA) Registers Almost 30% Decline Over the Last 24 Hours!

The Internet of Things Application (IOTA) is a technology that allows transactions between devices. It aims to solve scalability issues and transaction-related problems of blockchain technology.

There is no central ledger for the verification process, and a user must verify two other previous transactions to submit a transaction on the IOTA ledger.

This is known as Directed Acrylic Graph (DAG), which builds the consensus through a network of connections between different transactions. It is also called Tangle.

It is designed to process small transactions between different machines and create a micro-economy of machines on the network.

However, the technology is new, and it is not without limitations. Indeed, it is an innovation in the world of decentralized economies. The network aims to perform Machine-to-Machine transactions without any central authority.

Indeed, it is not the same as a blockchain system, but it is an upgraded version. Many experts and developers analyze this consensus because it is in the early stage.

IOTA Price Chart

At the time of writing, IOTA was trading around $0.25. After the US Fed rate hike, the crypto market is tumbling, and the price of IOTA by 30%. Check out MIOTA price prediction to explore the possible IOTA projections in the upcoming years.

It has broken the support level, and no technical analysis is perfect for this situation because all governments worldwide are trying to control inflation. The effect of these regulations is clearly seen in all cryptocurrencies.

On the daily chart, RSI is in a highly oversold zone, and the MACD indicator is also bearish with red histograms. Even the candlesticks have broken the lower range of the Bollinger Bands.

All of these analyses clearly indicate that it is not the ideal time for a short-term investment.

IOTA Analysis Chart

On the weekly chart, the situation is no different. IOTA has broken the strong support level, and now $0.19 could be the next support level for the MIOTA coin.

We think you should wait until the market stabilizes because it is not the ideal time to invest for the short or long-term investment. US Fed will hike the rate in the near future so that the market may remain more volatile this year.

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