IOTA is a system of net-connected devices. It helps to transfer data over wireless networks. IOTA can be used to automate everything. IOTA is a decentralized and encrypted digital currency. Like many other cryptos, it also uses a blockchain system.
Centralized banks have minimal control over crypto transactions. It means you can transact with it as an international currency. If you need to buy groceries or electrical appliances, you can seamlessly use it as currency.
The European Union has chosen IOTA for its blockchain project. Moreover, they have requested IOTA to deliver an EBSI (European Blockchain Services Infrastructure) blockchain project. EBSI was founded in 2019. Now IOTA has a considerable role to play in the blockchain project.
The best part is that the IOTA is energy efficient and offers feeless transactions. The aim is to create a fraud-proof digital management system to enhance data sharing, education standards.
At the time of writing this analysis, the price of IOTA was $1.3845. It has maintained strong support of $0.77 above the previous support level of $0.30. The exciting thing is, it has started to take a bullish momentum after three years. The last rise was around April 2018.
Though it reached $1.99 two times, it failed to break the level. Due to the M-shaped recovery, it is hard to decide which way IOTA will go. RSI is 52, which supports the MACD bullish sign from August onwards. Indeed the candlesticks are moving upwards.
Bollinger Band also supports this bullish trend because all candlesticks are on the upper half of the baseline. The Moving Average line is also around $1.38. All the above technical indicators reflect bullish signals. However, is it a good time to invest in IOTA?
It would be better to wait for a few more weeks to check if the IOTA price is going towards its support level or breaking the resistance. If the price comes down to the support level, then you should buy more IOTA coins because it has maintained the support well.
Does IOTA break the resistance level in the next month? Well, it may not break the resistance at this time. That is why it is not the ideal time to invest in this crypto. However, the IOTA price can change quickly, so please keep an eye on the price trend.