IOTA is treading sideways against bitcoin and the dollar but has broken lower against ethereum. It is currently testing the range support against bitcoin and might be due for a breakdown, too.
IOTBTC is pacing back and forth between 0.00013 and resistance at 0.00015, with the 100 SMA crossing below the longer-term 200 SMA to indicate that a downside break is indeed likely. Stochastic is still on middle ground to suggest more consolidation while RSI is treading sideways also.
Against ethereum, IOTA is already trading below the descending triangle support at 0.0018. The chart pattern spans 0.0018 to 0.0021 to signal that the selloff would probably last by the same height.
Stochastic is pointing down to signal that sellers are in control, but the oscillator is dipping into oversold region to hint at profit-taking and a possible bounce. RSI is moving sideways to suggest that more consolidation is also possible.
Lastly, IOTA is consolidating inside a symmetrical triangle to the dollar and is testing the resistance. Price is at the peak of the formation so a break in either direction is due soon. The moving averages are still oscillating so there are no clear clues on where price could head next.
However, stochastic is in the overbought level so buyers might need to take it easy from here and let sellers take over. RSI has room to climb so there may be some buying pressure left.
Dollar demand is expected to stay supported in the coming months for as long as Fed rate hike expectations for December stay in play. Disappointing economic reports, on the other hand, could dampen these tightening hopes and the dollar’s gains.
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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