Today we’re going to talk about IOTA, one of the most famous cryptos that doesn’t actually have a blockchain.
What it has instead is the Tangle technology, a type of directed acyclic graph which could achieve zero-fee transactions. Now let’s see if this weird technology can win the race.
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Today’s topic is IOTA and our analysts took a deep look into the coin that wants to be in the internet of things, and found a lot of promise–as well as a few reasons to worry.
On paper, IOTA has a lot of things going for it: a strong team, and some big name partnerships, including Volkswagen and Bosch. In practice, though, the technology isn’t there yet.
IOTA ‘s core proposition is to facilitate a future where every tiny device around you is part of a network, for examples in smart homes.
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It uses the Tangle as a more efficient way of confirming transactions, with no centralized miners. Instead each user just mines two transactions to send his own, distributing the load over the whole network. In theory, that means it gets faster with more users.
This comes with a disadvantage, as it can take longer for transactions to become final. Leaked emails have also revealed some bitter infighting at the IOTA foundation, which could put a roadblock in the technology’s development. For these reasons, our analysts say IOTA could face an uphill struggle.
You can read the full report, along with the details of our analysis, for free on Crypto Briefing’s website.
IOTA’s Price Action Analysis
Sure enough, IOTA’s price also seems to be struggling and December and January rallies weren’t able to bring it to the key resistance level and 23% Fibonacci of 0.00011. Even worse, two weeks ago the IOTA/BTC pair broke below the daily Ichimoku cloud. We’re now waiting for the 5th Ichimoku moving average, the Chiko span to break below the cloud as well to confirm a longer-term bearish period. For now, The pair could be headed towards the lows of 2018 and October 2017, at 0.00006.
Now I’d like to hear from you. If IOTA does drop to these low levels, do you think it would be a good time to buy? Or would you stay away? Once you’ve subscribed, head over to the comment section and let me know.
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