- IOTA extends declines mid-week, down a subtle 1.34% on the day.
- IOTA recently launch IOTA Labs backed by the startup AKITA, which specializes in DLTs.
IOTA price, just like the other major cryptocurrencies is correcting slightly lower on Wednesday. The digital asset has trimmed gains today by a subtle 1.34%, however, it is still trading above the bullish trend line which is supported by the 50% Fib retracement level with the previous swing high of $1.99 and a low of $1.34.
IOTA has not managed to shake off the selling pressure in the market after the slide that occurred earlier this week. IOT/USD is trading at $1.74, similarly, it is dancing with the 38.2% Fib retracement level. The price is currently supported by the 200 SMA, but a bear trend is forming to show that selling pressure is rising.
There are a couple of breakout points on the chart; on the upside, if IOTA price overcomes the resistance at $1.85, it could test the key resistance at $2.0. On the flipside, the zone at the 50% Fibonacci level is vital and could lead to downside breakout towards $1.60 – $1.55 demand zone. This is a suitable buy zone, although the major support will be found at $1.35.
IOTA is one of the most active cryptocurrencies in the industry, the team has been working hard on releasing new technology in the market. They have recently provided an update on the most anticipated project in the community, Qubic. In addition to that, they have also launched IOTA Lab. IOTA is described as an open-source project for the community and is developed by AKITA, which is a new startup enterprise that focuses on DLTs.
IOT/USD 1-hour chart
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