IOTA is a unique project in the crypto world, and in today’s article, we will be looking at some data in order to establish an IOTA price prediction for August.
About IOTA (MIOTA)
IOTA is an open-source distributed ledger protocol developed for the Internet of Things(IoT)which does not use blockchain, but a different decentralized technology called ‘Tangle’.
IOTA’s Tangle is a Directed Acyclic Graph which is quantum-proof, has no fees, is infinitely scalable, and executes data transfers and transactions fast and in a secure manner.
There are no fixed limits on the transaction confirmation rate, with the network growing in speed based on its activity; thus, the more activity, the faster the network.
IOTA was developed to facilitate transactions and transfers for emerging Internet-of-Things (IoT) projects.
IOTA (MIOTA) Stats
IOTA is currently trading at $0.267088 USD. The market cap is of $742,377,802 USD, with a 24-hour trading volume recorded at $8,949,084 USD.
The coin is ranked 18th according to its market capitalization. The Return of Investment is marked at -58.17%.
The circulating supply is 2,779,530,283 MIOTA out of a total supply of 2,779,530,283 MIOTA.
The 7-day high was recorded at $0.276729 USD, while the 7-day low was of $0.233545 USD.
IOTA (MIOTA) Price Prediction: Analysis
MIOTA debuted August at the price of $0.29. Over the course of the next 3 days, it struggled to reach $0.29, with coin reaching $0.27 on August the 4th. On 5-Aug-19 at 11:55 UTC, IOTA price succeeded in reaching a high of $0.30.
However, on August 6th IOTA coin slowly started to decline downwards, and some time throughout the day it experienced a major fall from $0.298 to $0.281. The coin then recovered for the short term getting back to the $0.285 resistance level.
On August 15th, IOTA experienced another slump, going from $0.27 to $0.25. The following days it tried to stabilize back to the $0.27 resistance level, but on August the 14th, it suffered another loss, going down to $0.23 which continued the next day to $0.22.
The movement of the coin in the next week followed the same pattern, slow signs of recovery with mild slumps here and there.
On 20 August, the chart showed a heavy price drop, going down by 5.22% from $0.25 to $0.23. IOTA maintained its downward trajectory until it hit $0.23. The next day it showed some signs of recovery by closing the day at $0.24 which signified an increase of 3.39%. On the 22nd, the coin started the day with a drop of 2.81% from $0.24 to $0.23, then went on to recover from $0.23 to $0.24 by 2.59%.
August 24th also opened with a drop, with the price going from $0.26 to $0.25 by 2.47%. Then, the coin’s price increased from $0.25 to $0.26 by 3.43%. But IOTA failed to maintain itself at this level and fell once again taking the coin back to $0.25.
The charts for August 25th showed clear signs of recovery. That day, IOTA opened with an increase of 1.55%, going from $0.25 to $0.26.
From the 20th to the 25th, the IOTA/USD pair has shown signs of a bullish tendency on a 4hr time frame. The bullish influence pushed the price from a critical support level of $0.23423 to $0.25647. in spite of this momentum, the bulls have apparently failed to succeed in breaking past the $0.26379 resistance level. An ascending triangular pattern was created in the past 3 days which suggests a continuation of the uptrend.
The Moving averages hint towards the continuation of the bullish movement, with the price being expected to go from $0.25647 and break the $0.26000 level.
The RSI indicator is also positive and it indicates that an upward rally is anticipated. On the other hand, if the price goes past the support level, then a drop is also expected, with support level going down to $0.25000 and $0.24000.
IOTA/USD pair has been receiving mixed price reactions on the hourly chart. For the 25th, the trend has been stagnating horizontally between the resistance level of $0.26386 and $0.25645 support level.
The entanglement of the moving averages has clearly shown a sideways trend. Market indecision was noticed from the RSI indicator, which is between 40 and 60, which indicated equality between buyers and sellers in the market momentum. Also, the recurrent presence of Doji candles in the charts has also confirmed the market’s indecision.
If it should manage to rally up and break past the $0.26400 level, then, it is expected that the coin will continue to grow towards $0.29000.
While in the past few days IOTA has improved its momentum, the short term IOTA price analysis is bullish according to signs of Bitcoin whales preparing to move the market again. Based on this, it’s improbable that IOTA will see any significant gains by the end of the month.
Market Price Prediction for IOTA (MIOTA) this August
Several crypto forecasting websites have issued their own IOTA price prediction for August, and we decided to feature a few of them so that we can have a comprehensive view of the market sentiment.
The LongForecast website has said that the coin will open the month at 0.29 Dollars. They anticipate that August will have a maximum price of $0.31 and a minimum price of $0.22. The IOTA price predicted at the end of the month is of $0.29, with a 0.0% change for August.
30Rates provides its IOTA price prediction for the next remaining days of August:
- IOTA price prediction on Tuesday, August, 27: minimum price $0.25, maximum $0.29 and at the end of the day price 0.27 dollars a coin.
- IOTA to USD predictions on Wednesday, August, 28: minimum price $0.25, maximum $0.29 and at the end of the day price 0.27 dollars a coin.
- IOTA price prediction on Thursday, August, 29: minimum price $0.25, maximum $0.29 and at the end of the day price 0.27 dollars a coin.
- IOTA to USD predictions on Friday, August, 30: minimum price $0.27, maximum $0.31 and at the end of the day price 0.29 dollars a coin.
Form the charts provided by Digital Coin Price, we can see that they do not anticipate IOTA to make any kind of recovery this month:
Based on previous charts and market sentiment, IOTA is not expected to end the month with significant gains even though there has been a slight bullish momentum that has pushed the coin back to $0.26. The maximum anticipated price at which MIOTA is expected to close the month of August is around at $0.30 levels.
Featured Image: CCN Markets