IOTA is quite a popular name among cryptocurrency traders and investors. The company banks on blockchain based innovation to the world of Internet of Things. IOTA has, over the past few months, become a major name in the markets - and with more strategic announcements likely to come over the next couple of weeks, the future looks good for the currency.
However, talking about the present moment, IOTA looks to be in quite a tough spot as the currency has lost close to 14% of its price in the past 24 hours. IOTA, which began the day at a price of $2.02 peaked at $2.13 - but then collapsed to a price of $1.74. However, the only thing that is currently in favour of those investing in IOTA is the fact that the currency still has support on the $1.65 mark.
When one takes a look at the bigger picture, the seven-day graph has been full of ups and downs for the currency. IOTA started this week at a price of $1.98, slid down to $1.2 - but has since recovered as it peaked at $2.13, but the ups and downs continue as IOTA, as of this writing, is priced in at $1.74
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IOTA price over the past 24 hours | Image: Coinmarketcap[/caption]
The fall in the price of IOTA can be attributed to the fact that the markets, in general, faced a major slowdown. Over the past couple of days, the markets were recovering, which led IOTA to gain some momentum, however - as Bitcoin met with a major resistance at the $9,000 mark, all the currencies, including IOTA started to lose price.
IOTA's market cap, which had fallen to a low of $3.3 Billion has since recovered and currently stands at close to $5.5 Billion. If the $1.65 resistance is not crossed, IOTA is expected to remain stable and continue growing. However, if the price falls below $1.65 then it becomes a bottomless pit, with a possibility of another 30-40% price drop.
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