IOTA, despite trading as a cryptocurrency, is not a blockchain network. The idea behind developing IOTA was to provide a higher transaction speed to accommodate the rapidly expanding Internet of Things environment. While the process of verifying one’s trade is done by nodes. The lack of a mining ecosystem might sound a bit weird, but it helps keep the transaction fees to zero, which would have otherwise been extracted from its users.
Their distributed ledger can provide digital identities to IoT devices and expand its business horizons in the years to come. While they use the blockchain network’s ability to execute secure transactions, it is done without using the block solving process, thus making this cryptocurrency unique in its features and abilities.
IOTA has close to 2.8 billion coins in circulating supply, which puts it under the top 50 digitally traded cryptocurrencies in terms of market capitalization. For learning about the potential movement of IOTA in 2021, or IOTA prediction in 2025, one needs to take help from price movement and technical analysis.
IOTA Cryptocurrency Price Analysis
IOTA has a strong buying momentum from support levels, but the upside movement is blocked by selling pressure, pushing IOTA’s price below $2.00 levels. Price action is strong and has the potential to breach the resistance.
With an all-time high within its grasp, we witnessed a fall in valuation with two massive double-digit profit bookings, bringing down its value from $2.4 to $1.55. At present, a rejection zone has developed between $1.82 and $1.98 levels, where most holders are booking profits, thus causing its values to fall. IOTA is still holding on to its breakout pattern support at $1.55 and has a strong supply level at $1.20.
Even its 200 DMA comes at $1.35, which will be another positive level to buying IOTA. RSI maintains its usual positive stance, but the drop in volumes has forced a lower price action. One should watch out for $2.00 levels on closing terms, as it can enforce a fresh buying action on IOTA.