IOTA is one of those cryptocurrencies that became big back in 2017. It became part of the top 10 biggest cryptocurrencies by market capitalization. However, it got surpassed by many other crypto projects and today stands around #54. IOTA price today is seeking to make higher highs and break out of its consolidation phase. With the current technicals in place, this seems very plausible. Is IOTA up soon?
What is IOTA (MIOTA)?
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IOTA can simply be called a distributed ledger technology. Most crypto exchanges run on one blockchain or another but this is not the case for IOTA. However, it uses an underlying technology called Tangle. Tangle, the technology that acts like the blockchain of IOTA uses nodes to handle transactions carried out on the network.
Although this does not sound like how most chains work, users are well aware of the superiority of the network over the blockchain. For example, users of Tangle can attest to the fact that the network offers faster transaction execution than the blockchain.
Investors have continued to flock to the IOTA network due to its uniqueness. IOTA does not use miners since it does not use blockchain which means that users do not pay fees for transactions. One special quality of IOTA is that its development was built to solve most issues in the IoT sector.
According to the creators, they wanted the platform to be the go-to network for facilitating transactions between IoT smart devices. With the exponential growth that the system has witnessed, IOTA is primed to become big in the coming years.
Should you Buy IOTA today?
IOTA price recently broke the $0.87 resistance, confirming the move to around $1. As the price increased in volume during the rally, we expect a sustained break of resistance. Due to this, the price could rise to the $1 mark soon, which is why we also assume that the price will rise to the $1 mark.
IOTA Price Prediction – Where will IOTA prices reach?
Iota price has formed a trend line during the recent ascent, which has consistently served as support. Because the Iota price has formed this trend line and this constantly serves as support, the price could soon rise to the $1 mark with a high probability. Thus, the price could increase by another 10% in the near future. If the price breaks the $1 psychological resistance, the price could add another percentage. If the price breaks $1, we expect a further rise towards the resistance around $1.19.