IOTA's Meteoric Rise: Recent days witnessed a significant surge in IOTA's price following a major update.Expanding Horizons: The IOTA network marks a significant milestone with its new foundation in the United Arab Emirates.Impressive Metrics Soar: IOTA's price, open interest, and various metrics reach a 10-month peak, reflecting a remarkable surge.Bearish Trajectory: Anticipated bearish targets for IOTA stand at $0.2063 and $0.173, prompting cautious assessment.Bullish Momentum: Optimistic targets for IOTA include $0.2816 and $0.3281, showcasing potential upward trends in the near future.
In recent days, IOTA has experienced a significant surge in its value following a major update. The IOTA team's announcement unveiled the establishment of a new foundation in the United Arab Emirates, regulated by the Abu Dhabi Global Market. This foundation is set to kickstart with an initial investment of $100 million worth of IOTA tokens, dedicated to fostering the development of the IOTA ecosystem.
This strategic move has notably amplified the market's interest in IOTA's native cryptocurrency. The official announcement highlighted the foundation's base in Abu Dhabi, emphasizing its focus on nurturing the IOTA ecosystem, particularly in regions like Africa and the Middle East. With the rising popularity of the Internet of Things (IoT), the foundation aims to collaborate with investors and partners, integrating IOTA into diverse projects spanning smart cities, digital identity, healthcare, mobility, and energy solutions.
The foundation plans to invest $100 million worth of IOTA tokens in its seed round, allocated over a four-year vesting period. This fund will facilitate extensive support for research, development, and innovation within the IOTA network, while also providing grants and sponsorships to the thriving IOTA community.
Following this announcement, IOTA witnessed an impressive surge in price, soaring by over 40% within a day, reaching a peak of $0.2852. This value marks its highest point in over 10 months, accompanied by a substantial 40% surge in market capitalization to $728 million. Notably, trading volumes skyrocketed by an astounding 12,603% within the last 24 hours, exceeding its market cap at approximately $879 million.
Despite this recent surge, IOTA has had a relatively modest performance for the year, showcasing a mere 11% increase year-to-date. Currently, it maintains a position around 95% lower than its all-time high of $5.69 in 2017. The cryptocurrency's long-term challenges, including network shutdowns due to hacker attacks and legal disputes in 2020, have contributed to its subdued performance.
Moving forward, metrics such as Open Interest have surged for IOTA, indicating increased market activity. Technical analysis reveals fluctuating price targets, with support levels at $0.2296 and resistance zones at $0.2528, $0.2816, and $0.3281.
However, investing in cryptocurrencies involves inherent volatility and risks. Voice of Crypto aims to provide accurate and updated information but encourages independent research before making any financial decisions.
#IOTA #IOTA/USDT #cryptocurrency
$IOTA

#IOTA /usdt 1-day Chart Analysis :

iotausdt

IOTA Update:

In the 1D timeframe, the trendline breakout is already done. This is a bullish sign and we are expecting a massive bullish wave.

Here are some of the reasons why we are bullish on IOTA:

The IOTA Foundation has been very active in recent months, releasing a number of important updates and improvements to the IOTA network.

IOTA is one of the most scalable and efficient DLTs available.

IOTA is well-positioned to benefit from the growing adoption of NFTs and the metaverse.

We believe that IOTA has the potential to reach new all-time highs in the coming months. If you are looking for a long-term investment in the DLT space, IOTA is a great option.

Disclaimer: This is not financial advice. Please do your own research before investing in any cryptocurrency.

#BinanceTournament #CryptoFida #binancepizza #feedfeverchallenge