TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

IOTA Market Update: IOT/USD is set to continue the downside correction

  •  IOT/USD is set to continue the downside correction.
  • Siemens files patterns with multiple reference to Iota technologies.
IOTA Market Update: IOT/USD is set to continue the downside correction
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

IOTA is the 24th largest digital asset with the current market value of $665 million and an average daily trading volume of $15 million. The coin is changing hands at $0.2380, mostly unchanged both on a day-to-day basis and since the beginning of Monday. Currently, the coin is moving within a short-term bearish bias within a tight range.

Siemens bets on IOTA technology

The German technology company Siemens may use IOTA technology in the future developments, according to a new patent. The company has already mentioned that IOTA had versatile application possibilities. Recently, the company submitted ten new patent applications where IOTA is mentioned on several occasions, according to the data from Espacenet Patent Research platform.

According to the patent, IOTA technology can be used for creating a distributed database system that will be able to  process, store and evaluate large amounts of data and information. It will focus on the needs to large industrial companies. The company noted that IOTA is a high-performance and powerful “block-less distributed database system” suitable for the needs.

As the FXStreet reported recently, IOTA released Hornet node software upgrade.

IOT/USD: Technical picture

IOTA retreated from the recent high of $0.2570 hit on June 4 amid technical correction. On the daily chart, the price has returned inside the Bollinger Band and may continue the decline towards the middle line of the daily Bollinger Band, which is also an upper boundary of the previous consolidation channel. If it is broken, the sell-off may be extended towards daily SMA200 located on approach to psychological $0.2000.

On the upside, the initial target is created by Sunday's high at $0.2470. This barrier is followed by the upper line of the above-said Bollinger Band at $0.02400 and the recent recovery high.

IOT/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Cardano Price Forecast: Weak momentum puts ADA recovery at risk

Cardano Price Forecast: Weak momentum puts ADA recovery at risk

Cardano is trading below $0.222 on Thursday after failing to sustain gains above the 50-day Exponential Moving Average near $0.228 the previous day. Weakening derivatives metrics and fading bullish momentum continue to weigh on sentiment, while a break below the 100-day EMA could push ADA lower. Derivatives data shows a cautious outlook for Cardano.

Ripple and Stellar outlook: XRP and XLM recovery stalls below EMAs

Ripple and Stellar outlook: XRP and XLM recovery stalls below EMAs

Ripple and Stellar remain under pressure on Thursday as both struggle to sustain their recent recovery attempts. XRP trades below $1.36, while XLM slips beneath $0.183, as mixed derivatives metrics, weakening momentum indicators and heating market conditions suggest cautious market sentiment. Derivatives data shows weakening conditions for Ripple and Stellar.

Zcash Price Forecast: ZEC reclaims $1,300 as ETF inflow hits 30-day high

Zcash Price Forecast: ZEC reclaims $1,300 as ETF inflow hits 30-day high

Zcash price hovers above $1,300 on Thursday, sustaining its 15% gains so far this week with three straight days of recovery. Institutional and retail appeal is returning, with over $15 million in inflows recorded on Wednesday and ZEC futures Open Interest rising to a 30-day high of $2.89 billion. The technical outlook for ZEC indicates an upside bias as recovery gains traction.

Bitcoin derivatives improve, but $87,000 sell wall looms

Bitcoin derivatives improve, but $87,000 sell wall looms

Bitcoin (BTC) showed signs of recovery on Wednesday as derivatives positioning improved, but sell risk grew between $86,500 and $87,500, where sell orders and leveraged liquidation clusters could limit further gains.
Bitcoin: Macroeconomic headwinds, cooling demand cap BTC gains

Bitcoin: Macroeconomic headwinds, cooling demand cap BTC gains

Bitcoin (BTC) extends losses this week, trading below $82,500 as of Friday as selling pressure continues. Weakening institutional demand supports this pullback as BTC spot Exchange-Traded Funds (ETFs) are on track to record a two-week withdrawal streak, reaching $146.19 million in net outflows through Thursday.