IOTA price analysis: IOT/USD unstoppable, $0.7800 within reach
- IOTA continues its trip to the North with another 12% rise.
- The coin is supported by numerous IOTA use cases.
IOTA is changing hands at $0.7700 at the time of writing. IOTA is one of the best-performing coins this week with over 12% gains on a daily basis. IOT/USD bottomed out at $0.40 on August and nearly doubled its price since that time. IOTA's market capitalization is registered at $2.1B, and the average daily trading volume is $134M.
IOTA Foundation has been making headlines recently with numerous partnership deals, focused on tech and automotive industry. IOTA's distributed ledger is aimed at fostering IoT (Internet of Things) development, which makes it attractive for the companies engaged in this sphere. Tangle software, developed by IOTA, allows machines communicating with each other, share information and even make transactions where necessary.
Practical use cases of IOTA support the coin and lay the ground for further price growth.
The first resistance level is created at $0.7850 by DMA5; once it is broken, the price might continue the upside towards ultimate $1.00. On the downside, the support comes at $0.6540 (Tuesday's low), followed by $0.6048 (SMA100, 1-hour chart).
IOT/USD, the daily chart
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Author
Tanya Abrosimova
Independent Analyst
