IOTA is still advancing against most of its peers but is giving up ground to the dollar, which has extended this week’s rally to the third day in a row.
Against bitcoin, IOTA is up 5.41% as the cryptocurrency has dropped below the neckline of its head and shoulders formation, confirming that a downtrend is underway. Many are pinning the blame on JP Morgan CEO Jamie Dimon who said that the cryptocurrency is a fraud and that the bubble could burst soon.
Price recently broke past the 0.00014 handle and appears ready for a correction to this level or until the next support at 0.00013. Volume has been subdued so there may be some degree of profit-taking for now until the next catalysts comes up. For the time being, it looks like the path of least resistance for bitcoin is to the downside so IOTA could be able to take advantage.
Against the US dollar, IOTA is lower as the fiat currency has been enjoying its third consecutive day in gains. Tax reform talks and hawkish FOMC expectations are in play and could continue propping the dollar higher if CPI data beats expectations.
IOTA is up 4.04% against ethereum as traders may be lightening up on their long ether positions leading up to its network upgrade later this month in anticipation of potential complications. Price also seems to be in correction mode to an area of interest on this chart as well.
IOTA is an open-source distributed ledger protocol launched in 2015 that goes beyond blockchain through its core invention of the blockless ‘Tangle’. This is a quantum-resistant Directed Acyclic Graph whose digital currency has a fixed money supply with zero inflationary cost.
This uniquely offers zero-fee transactions no fixed limit on how many transactions can be confirmed per second as scaling limitations have been removed with output growing in conjunction with activity. Unlike blockchain architecture, IOTA has no separation between users and validators. Instead, validation is an intrinsic property of using the ledger, thus avoiding centralization.
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