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The cryptocurrency market continues to trade in a bull zone, Bitcoin has advanced above $28000, but the IOTA price is still unable to stabilize above the $0.30 resistance level. IOTA might still be undervalued despite all the problems, and some analysts say that this cryptocurrency could be trading again above $1.
Fundamental analysis: IOTA is the optimal solution for secure communication and payment
IOTA is a Germany-based distributed ledger technology project that is connected with the automotive industry, Industrial IoT, supply chains, smart energy, and eHealth. IOTA can be integrated into all coding languages, and it is essential to say that this project can interact with everything.
IOTA price has been moving in a downtrend since the last week of November, and for now, there is no sign of the trend reversal. The main reason for this is a low transaction volume and the fact that this cryptocurrency is not currently the focus of traders.
IOTA uses “Tangle” technology instead of blockchain technology, which allows secure data transfers without transaction fees in an automated manner. According to the latest news, Blackpin will use the IOTA Tangle as the underlying strategic technology to enable a secure data exchange.
“IOTA, as a technology partner, makes complete sense to us. With its decentralized payment system and other features based on distributed ledger technology (similar to Blockchain), this technology has the best prerequisites for a long-term strategic partnership. After all, IOTA is the optimal solution for secure communication and payment between humans and machines in the context of (i)IoT issues,” said Tobias Schmailzl, CTO at Blackpin.
Some analysts say that this crypto price could explode again, and now could be a good time to invest in IOTA. Despite all the problems, IOTA remains undervalued, and the price of this crypto could advance in January above the current price levels.
Technical analysis: IOTA price is still not able to stabilize above the $0.30 resistance level
IOTA price cannot stabilize above the $0.30 resistance level, but according to analysts, the price of this cryptocurrency could explode again.
The current resistance levels are $0.35 and $0.40; $0.25 and $0.20 represent the current support levels. If the price jumps above $0.35, it would be a signal to buy IOTA, and we have the open way to $0.40 or even $0.50.
On the other side, if the price falls below $0.25, it would be a firm “sell” signal, and we have the open way to $0.20.
Summary
The cryptocurrency market continues to trade in a bull zone, but the IOTA price remains in a bear market. IOTA price has been moving in a downtrend since the last week of November, and for now, there is no sign of the trend reversal. Despite all the problems, IOTA remains undervalued, and the price of this crypto could advance in January above the current price levels.