IOTA (MIOTA) is probably one of the few coins to have completed a head and shoulders pattern. The price action supports a bullish rally at this point, but IOTA (MIOTA) has yet to find a bottom. Crypto market correction is not over yet and IOTA (MIOTA) may have to break market structure and fall below the support line to find its bottom. This would mean fully completing the head and shoulders and then falling below the shoulder and breaking market structure to find a bottom below $1.
IOTA (MIOTA) currently trades at $1.08 and is down 79% from its all time high of $5.25. The price action looks favorable for a run up at these levels but the volume is still low and market conditions generally are not favorable yet. The VIX graph for IOTA/USD shows that price action for the past few days has ben very volatile and trading opportunities in this range are limited. However, it also shows that IOTA (MIOTA) is also close to finding a bottom in the days ahead. To continue a rally from that bottom, IOTA (MIOTA) might need a favorable catalyst. One such catalyst is that recently a Volkswagenâs former Research Director has joined the IOTA (MIOTA) project. IOTA (MIOTA) recently stated that Dr. Klaus Schaaf is joining IOTA (MIOTA) in official capacity and will be directly contributing to the project.
It is pertinent to note that IOTA (MIOTA) has been more of a lone ranger in the blockchain industry for a long time. The cryptocurrency has been popular for quite some time as it had a successful ICO and yielded a 12,000% return on investment to investors who bought IOTA (MIOTA) during its ICO. This means that a $1,000 investment in IOTA (MIOTA) would have netted you $119,000! A lot of crypto enthusiasts would have loved to have made this kind of return on their investment.
However, IOTA (MIOTA) was not the same as any other blockchain project. The team believed that there was no need for any blockchain and that mathematical operations are enough to do what blockchain is doing. This made most investors skeptical whether this project was serious and if it could accomplish what it was trying to do. This is also the reason why IOTA (MIOTA) is not much heard of in terms of blockchain. It comes under discussion as a cryptocurrency because the IOTA (MIOTA) project does not feel the need for a blockchain. The mathematical model it uses instead of blockchain is known as Tangle. It is hard to tell if Tangle will be able to support any Dapps or smart contracts in the future but as of right now, it has proven quite successful at recording transactions and serving as a medium of exchange between different parties. IOTA/USD is close to a support line and presents good buying opportunities once higher highs and higher lows are established. IOTA/BTC also looks favorable from an investment standpoint as the price is trading at the bottom of the channel and is poised for a run up.