MIOTA (IOTA) has shown strong consolidation near the $1 region for the past month and is currently trading at $1.28
IOTA has seen a price rally with a strong consolidation followed by a breakout above the $1 level. The token is currently trading at $1.28 at the time of writing. If IOTA manages to break above the resistance levels located at $1.40 and at $1.46, then a new “altseason” could begin with IOTA leading the pack. IOTA is one of the strong altcoins with a strong use case that powers the Internet of Things (IoT). Another 20-30% price rise might be on the cards if the current bull rally continues.
How & where to buy IOTA in the UK and elsewhere
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What is IOTA and why is it rallying?
IOTA uses an interesting technology called “Tangle” and it is built to power the IoT universe. It has partnered with many well-known companies and is considered a strong altcoin. It is built for microtransactions and has proved itself over the years.
The current price rally might be triggered because of the rumours about the Nectar update that will enable smart contracts on IOTA. The network is also working towards adding new features to its wallet solution called Firefly. IOTA’s tangle has also been adopted by SUSEE (Secure Sensor Platforms for Smart Energy Networks).
Should I buy IOTA today?
IOTA has shown signs of consolidation and if it manages to cross the strong resistance near the $1.40 region, it might trigger a fresh rally for the token. IOTA has a lot of updates in the pipeline and is a strong contender for the top five cryptocurrencies in the future. Early and patient rewarders of IOTA could be looking at handsome gains but the token will also test investors’ patience.
This article is informational only—none of the contents should be construed as financial or investment advice.