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IOTA (MIOTA) Move Upwards with 100 EMA Awaiting as Resistance!

Analytics

www.cryptonewsz.com 29 September 2022 13:20, UTC
  
Reading time: ~2 m

IOTA operates on an entirely different level of approving transactions through its modified Proof of Stake algorithm, Fast Probabilistic Consensus. Instead of completing a transaction validation through a single node, IOTA transmits the transaction across all the participants to distribute the processing time.

For each outgoing transaction, an active user needs to confirm two transactions, making its distributed ledger system even faster and stronger as the tangle gets more transactions to complete. Unlike Blockchains, this ecosystem turns faster with higher loads.

IOTA, at present, is at 100% liquidation and based on its fee and permissionless ledger technology, it could be the next big thing in the cryptocurrency domain. At present, MIOTA is worth over $810,812,222, with a total of 2.78 billion MIOTA tokens. 

The MIOTA token has faced resistance at 100 EMA on a historical trend. The progression after a red candle formation is complete profit booking until support is reached.

The technical outlook has been slightly better, with both RSI and MACD moving in a positive direction without hesitation. Despite the resistance from the 100 EMA curve, the strength displayed by these indicators showcases a trend-changing scenario. What should be your investment call for MIOTA? Visit here to know the answer with our analysis and predictions!

On daily candlestick patterns, 100 EMA has pushed back the value from $0.36 to $0.31, and again a similar trend is gradually developing. Recent double-digit gains made on September 26 are followed by rejection at the peak, creating a pin bar candle. The respective candles in the last days showcase a negative trend creation.

Despite the positivity brought by the uptrend movement of September 26, the outlook remains negative in the short term. MACD, on the other hand, moved upwards in a bullish crossover pattern but is currently headed towards the conclusion of this price swing.

On weekly charts, the story of MIOTA is quite different, with the last two weeks’ gains engulfing the negative movement created by the second week of September. Overall, MIOTA is headed towards concluding the month of September with a positive gain despite major cryptocurrencies failing to maintain even a neutral stance from this dangerous profit-booking month.


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