- Summary:
- The IOTA price is in a tight range as investors focus on the recently launched smart contracts features. MIOTA is trading at $1.28
The IOTA price is in a tight range as investors focus on the recently launched smart contracts features. MIOTA is trading at $1.28, which is about 20% below the highest level this week. It has a market capitalization of $3.6 billion, making it the 51st biggest platform in the world.
IOTA is a controversial platform built using the tangle technology. Tangle is a different methodology than blockchain that uses the Directed Acyclic Graph (DAG). This simply denotes that the data structure that spreads out in one direction without circling back. It simply removes miners from the equation.
IOTA had a good year in 2021 as the developers reached partnerships with leading organizations like Trademark East Africa, Dell, and Jaguar Landrover.
The biggest announcement was the launch of IOTA’s smart contract technology that will enable developers to build decentralized applications (DAPPs). The technology is highly scalable, cheap, and more complex than other platforms. Therefore, in 2022, analysts will be focusing on the ecosystem to identify whether developers are embracing it.
IOTA price prediction
The daily chart shows that the IOTA price has been moving sideways in the past few days. Along the way, the coin has moved to the 50-day and 25-day moving averages. It has also formed a rectangle pattern whose support and resistance levels are at $1.1295 and $1.600. It is currently between this channel. The MACD is also slightly above the neutral level.
Therefore, in January, IOTA will likely remain in this range. For now, it will likely keep falling as bears target the lower side of the channel at $1.1295. A move below this support will mean that bears have prevailed and see them retest the key support at $0.95. On the other hand, a move above $1.60 will see the coin keep rising.
