Most cryptocurrencies including IOTA (MIOTA) are now close to a trend reversal as can be seen on the IOTA/USD daily chart above and investors are looking to load up on their favorite coins. The chart above shows that IOTA (MIOTA) has respected a historical support line for IOTA/USD since it started trading on Bitfinex, before July 2017. The downtrend resistance since the beginning of the correction has only been tested twice and not been breached once. The price has now started to settle at the lower limit of the triangle it is trading in, and is consolidating before its next move.
Technical conditions on the chart favor a rally at this point as breaking support at this point might push IOTA (MIOTA) in a long term bear market. RSI is trading below 40 which indicate that there is a lack of momentum for further downside. MACD graph shows that another run up would most likely coincide with the altcoin rally that could push the price to a new all time high. While technical indicators seem good for an upcoming rally, there have to be fundamental catalysts to push the price higher.
To many IOTA (MIOTA) investors, that catalyst is IOTA (MIOTA)’s capturing of the IOT (Internet of Things) Market. So far, IOTA (MIOTA) has done a good job at telling the crypto world that we do not need any blockchain to solve the problems that blockchain has set out to solve. It has accomplished this by using a mathematical modeling technique known as Tangle. So far, IOTA (MIOTA) has worked well to serve as a platform for exchange of value and information, as on a blockchain.
However, as time goes by and our needs become more extensive, would IOTA (MIOTA) be able to compete with Ethereum Classic (ETC) in the IOT (Internet of Things) Market without using a blockchain? Many analysts and industry leaders believe that IOTA (MIOTA) could truly revolutionize the IOT (Internet of Things) space as it addresses major issues of scalability, cost and even offline transactions. However, where IOTA (MIOTA) falls short and Ethereum Classic (ETC) appears to be a better alternative is in areas of security and transparency.
Ethereum Classic (ETC) entered the spotlight as the abandoned and forgotten original Ethereum chain. However, as time went by, it managed to successfully position itself as a strong contender in the IOT (Internet of Things) Market. The chart above for ETC/USD shows that Ethereum Classic (ETC) is at the verge of a massive breakout. A Coinbase listing in the weeks ahead will lend further strength to this upcoming rally, which will not only put Ethereum Classic (ETC) under the spotlight but also give it the funding it needs to bring its work to the masses. While IOTA (MIOTA) has been found to have serious vulnerabilities, Ethereum Classic (ETC) on the other hand is hailed as an immutable and secure blockchain. IOTA (MIOTA) may be just flirting around with IOT (Internet of Things) for now but Ethereum Classic (ETC) has been working seriously on IOT (Internet of Things) for a long time now and is expected to go fully IOT Compliant by November 2018 according to their official roadmap.