As a researcher with experience in the cryptocurrency market, I’m deeply concerned about the recent price crash of IOTA. Despite the network making several important ecosystem news, the token has plummeted by over 52% from its highest point this year and is hovering near its lowest level since November last year.
As a researcher studying the cryptocurrency market, I’ve observed that IOTA’s price has experienced a significant downturn over the last few months, despite the IOTA network announcing several noteworthy ecosystem advancements.
On Thursdays trading session, the token was touching the psychologically significant support level at $0.20. This is a decrease of more than 52% from its peak price in the current year. Additionally, it’s currently near its lowest price point since last November. IOTA has generated notable news headlines throughout this year.
Thursdays saw the announcement from the company that their ID platform was chosen by the European Commission for inclusion in the European Blockchain Sandbox initiative.
As an analyst, I would describe it as follows: I’ll walk you through how the company’s ID solution enhances Web3 identification. The process initiates with a remote verification session conducted by IDnow. This step can be tokenized using walt.id and subsequently saved in your digital wallet for future use.
With this token, Web3 decentralized applications (dApps) and other online services can easily authenticate users by recognizing it. Our collaborators in this experimental environment are HAVN Network and Bloom, a versatile digital wallet.
Approximately half a year ago, IOTA made headlines as the initial business in its sector to secure registration with the Abu Dhabi Global Market.
A few days following IOTA’s debut of its EVM platform, after extensive trials, this announcement was made. The introduction of the EVM on IOTA’s network enables developers to create decentralized apps.
As a researcher observing recent developments, I’ve noticed that since the announcement, Pyth Network has introduced its oracles onto IOTA’s network, while LayerZero has integrated with their platform. The uncertainty surrounding IOTA token’s value stems from investor apprehension regarding the success of the IOTA network itself.
According to the data, ShimmerEVM, IOTA’s trial network for Decentralized Finance (DeFi), has so far drawn in only seven developers. The total value locked within it amounts to a modest $4.57 million. In recent times, however, the industry has witnessed fierce competition among various platforms, with Base, Blast, and Arbitrum making significant strides in market share.
IOTA price forecast
As a market analyst, I’ve observed that IOTA’s token value has taken a hit due to the prevailing negative sentiment in the crypto market. Bitcoin, for instance, has dropped significantly to $67,000, while popular altcoins such as Pepe and Bonk have experienced double-digit declines over the past two days.
The daily price chart for IOTA displays a significant decline from its yearly peak of $0.4210 to the current level around $0.20. It now rests near the 61.8% Fibonacci retracement mark and has dipped beneath both the 50-day and 25-day Exponential Moving Averages (EMA).
The price of IOTA hovers just above the significant support at $0.1940, which it has unsuccessfully attempted to fall beneath since April. If the price were to dip below this level, it would signal that bears have taken control, potentially leading to a descent towards the psychologically important mark of $0.15.
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2024-06-13 16:50