The IOTA price has been struggling in the last few days. It trades at $ 1.06, which is near its lowest level since October. Even after the most recent Shimmer project, it has fallen around 61% below its peak this year. Its market cap has also dropped to around $ 2.9 billion.
IOTA is a Tangle network that started in 2016. The goal of the network is to create an open, callous data and value transfer protocol. Today, the IOTA network is used by a number of companies and organizations from around the world.
Nevertheless, like EOS, IOTA has largely failed to keep its original promise. For one, we’ve seen IOTA being overtaken by other platforms that were only recently launched. Terra, which started in 2018, has grown into a top ten project, for example. The same goes for projects like Filecoin, Avalanche, and Solana.
At the same time, there are concerns about the recently launched Shimmer project that introduced smart contracts to the network. While this is good progress for IOTA, some analysts believe Shimmer is another false promise for IOTA.
IOTA price prediction
The daily chart doesn’t look good for the IOTA price. As you can see, the coin was in a tight range between $ 1.1766 and $ 1.6651. And recently, the coin managed to move slightly under the bottom of this channel. This is a bearish sign.
It even ran a break-and-retest pattern that retested the lower side of the channel at $ 1.6651. The coin is located along the 25-day moving average and has formed a bearish flag pattern.
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Hence, IOTA price is likely to continue falling as the bears target the next major resistance level at $ 0.85. This view will be invalidated if price moves above the major resistance at $ 1.18.
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