- IOTA is down 3% on a daily basis and 13% from its recent peak.
- Michele Nati joins Iota Foundation.
IOTA, now the 11th largest coin by market value, is changing hands at $0.7069, down 13% from its recent peak at $0.8162 registered on August 29. Over the recent 24 hours, the coin lost 3.15%. IOT/USD is moving in sync with other main digital assets, retracing from a short-lived weekend recovery.
IOTA has a market capitalization of $19B, while its average daily trading volume reaches $39M, which is the lowest level since August 26. The coin is most actively traded at Btfinex with 44% of all trades attributed to IOT/USDT.
Meanwhile, IOTA Foundation added Michele Nati to its research and development team. He has PhD in Computer Science and over 15 years of experience-in IoT and data fields.
According to the official announcement:
“Michele’s has deep technical knowledge, multi-sector exposure and has participated in different stages of research and innovation activities. These qualities, together with his innate ability to manage multiple stakeholders, will be of great value for adoption and evolution of the IOTA protocol.”
IOTA’s technical picture
From the technical point of view, IOT/USD is capped by DMA50 ($0.7581), followed by an upper line of the recent broad channel at $0.7900. A sustainable break higher is needed to end the rangebound trading and continue the recovery from August 14 low at $0.4037.
On the downside, the nearest support comes at $0.7000, which is critical for the short-term IOTA’s perspective, once below, the sell-off might be extended towards $0.6560 (August 30 low).
IOT/USD, the daily chart
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