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IOTA (MIOTA) Price Technical Analysis: Retracement Levels
The price of a not so well-known cryptocurrency called IOTA has exploded over the last four days.
IOTA was priced at about $1.40 at the start of the rally on December 3, 2017, and traded up to a high of $5.59 on December 6th.
The price surge has come on the news of a major agreement being signed by the IOTA Foundation, a German non-profit firm that oversees the virtual currency, and Microsoft, Fujitsu, Samsung, and others for business-to-business data sharing.
IOTA has added more than $12 billion to its market value after the firm made the announcement, becoming the fourth-largest cryptocurrency asset by market capitalization, surpassing Ripple’s XRP.
What is unique about IOTA is its ‘Tangle’ system – a platform of interconnected nodes that both validate and create transactions.
This system is designed to allow users to create transactions simply by validating. This means that all transactions are secure, immutable and, most notably, allows for zero transaction fees.
Consequently, it’s ideal for the data industry, as micropayments for data among businesses cannot be suitably handled by legacy blockchain technology systems.
Chart #1: Bitcoin Daily
The strong upward price surge by IOTA can be clearly seen in the daily chart above (Chart #1).
Price moves of this sort that are mainly “news” driven are typically followed by a price retracement, usually a result of profit-taking and short-covering.
Also typical for this type of price move, is a second price surge, usually caused by an increase in demand by those traders/investors that where late getting the news, and missed the first move.
These traders will be looking for a good-sized price dip for a set-up to a favorable long entry point.
Chart #2: Bitcoin 30-Minute
The daily chart (Chart #1) shows a price retracement from the high.
The trading action of the retracement can be better analyzed on the 30-minute chart above on Chart #2.
Price action has broken-down through a support level at about $3.81, which is just above the 38% Fibonacci price retracement level of $3.69.
Price is now approaching 50% Fibonacci level.
The savvy trader will look for price to bounce off the 50% Fibonacci level, with strong volume, and enter long on price dips.
When traders start entering in an attempt to capture residual profits from the initial news, price will again surge.
Whether price make a new all-time high, or fizzles out will be determined by how credible the news that initiated the rally, is perceived to be.
The very fact that companies like Microsoft and Samsung are involved already lends credibility to IOTA.
We will be watching very closely.
We will be updating our subscribers as soon as we know more. For the latest updates on MIOTA, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of coinmarketcap.com
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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