(Updated June 19, 2021) Do you know anything about IOTA Price Prediction? IOTA was developed by a German team and created to support the Internet of Things (IoT) revolution, using an innovative blockchain system called “tangle”. It was created to enhance communications, transactions, and payments between machines (i.e. M2M interaction).
Considering the speed with which artificial intelligence is gaining global adoption, IOTA is and was ahead of its time when it was conceived. Part of IOTA’s unique features is that it is one of the few altcoins that cannot be mined, has no blocks, and has no chains. It comes with infinite scalability and very fast transaction times, which give it an advantage over the Bitcoin blockchain, for instance.
What is IOTA?
IOTA is one of the most potentially revolutionary blockchain networks in the market. IOTA aims at working not only with individuals and companies but also with machines. This could be done through the Internet of Things (IoT) which continues to grow all over the world.
We see that on a regular basis there are new devices interconnected and working together. This is due to the need that we humans have to continue expanding and reaching new advancement levels.
IOTA works with the Tangle technology. These nodes confirm transactions in a similar way as miners on Proof-of-Work (PoW) networks. However, IOTA is not a PoW network, this should remain clear.
At the moment, the IOTA Foundation is in charge of pushing for new advancements on the IOTA network and its ecosystem. It is also in charge of contacting companies and sharing the benefits of using IOTA. Some of the firms working with IOTA include Bosch or Volkswagen.
The larger the number of firms working with IOTA the easier it will be for the digital asset to continue moving higher in the future. However, IOTA price prediction is not easy to forecast. There are many things we should take into consideration before we are able to know which is the limit for this digital asset.
Nonetheless, one thing is clear. IOTA is working in order to increase utility among devices. Additionally, the goal is to make them more interconnected, increase their efficiency and gather valuable data in order to produce better and more advanced solutions and products.
How to Buy IOTA?
The easiest and fastest way to buy IOTA is by using a cryptocurrency exchange. These are platforms that enable crypto trading for investors located in specific jurisdictions. If you want to buy IOTA, the best thing you can do is buying it through your local exchange.
Some of the most popular platforms include Binance, Coinbase, Bittrex or KuCoin. However, if you have another exchange that offers IOTA trading pairs, then go ahead. You should always be careful with the platforms you use and where you deposit your money.
The best thing you can do is to use some of the largest exchanges around the world, which are secure, have been operating for several years and offer different services. For example, Binance is not only offering spot trading where you can buy IOTA but it is also offering futures trading.
At the same time, other platforms such as Coinbase make it easier for investors to stake their coins (not IOTA) and get rewards on them. Furthermore, most of the exchanges are also trying to offer other types of investments.
More Information About IOTA
IOTA has been held to the same whims as the rest of the crypto markets; a big swing up in 2017 and early 2018 and then a big fall down for the last four months. The team continues to add partners and use cases which make IOTA a popular headline on our site and others. And there are a lot of bullish technologists that see IOTA’s tech as superior to many others on the market.
At present, IOTA is #21 on the crypto charts with a market cap of over $800 million. Its cryptocurrency is currently trading at $0.29 after a 12% change over the past 24 hours.
Still, for IOTA’s price to truly recover to its 2018 highs—where it started around $3.61, more time is needed. The partnerships need to coalesce, and the chain itself needs to showcase its ease and speed through millions of transactions.
With IOTA still tied to Bitcoin, and partnerships in their nascent stage, IOTA’s price is not likely to have an upswing on its own in 2019. Beyond this year, it could make the kind of changes to the world of logistics and IoT processes that it purports to be able to do. But that’s looking down the road.
Experts’ Opinion On Why IOTA Will Rise
In 2017, almost all digital currencies, including IOTA, experienced significant gains in a short period. For instance, IOTA provided a 12500% return on investment in less than six months. However, the question now on everyone’s mind is what the future holds for IOTA price. Let’s look at what experts are saying regarding the coin’s future price to help answer this question.
There are some industry experts whose opinions can have a significant impact on the price of cryptocurrencies. One of these industry experts is John McAfee, who has given several views on many cryptocurrencies. Through a tweet, MacAfee stated that IOTA would experience growth, but this will be slow, about 10% increase every year. Although this may seem like a meager digit, it still shows that the coin’s price will continue to rise.
WalletInvestor expects the price of IOTA to increase to $0.446 in 2020, and in five years, the price could be $2.232.
TradingBeasts expects the price of MIOTA to change slightly in 2020, managing to peak at $0.4347959. However, in the coming years, the price will grow gradually and by the end of 2022 could peak at $0.625.
Tim Falk, an expert writer for Finder.com, stated that the Internet of Things had shown potential for huge growth in the future. For instance, Google acquired Nest, a smart-phone automation company for $3.2 billion in 2014. This acquisition shows that Google expects the IoT industry to boom soon, and since IOTA is based on this technology, it may experience increased adoption, leading to an increase in the coin’s price.
Additionally, the social crypto platform smartereum.com predicts that MIOTA is set to hit $5 shortly. According to this source, the prediction is based on factors such as the strength of the developer team, technical prospects, and continuous development. As such, the coin’s price will continue to rise.
Several times we have seen how IOTA was able to skyrocket in just a few hours. This shows there is a large potential for this virtual currency in the future. For example, IOTA was able to move higher by over 15% with Tezos (XTZ) just a few months ago. One of the main questions that the community is doing is whether it will be possible for IOTA to move towards $55 per coin.
Other factors driving the price of IOTA include;
Digital CarPass Is Set To Launch In Q1 2019
The first working product of the collaboration between IOTA and Volkswagen is set to be released by June of this year for public use. Digital CarPass is a practical application of the IOTA technology for vehicle telematics data.
The new product will allow a vehicle to tell its story like where it went and how it was treated. Also, it will offer tamper-proof mileage history and protect against odometer fraud in the case of second-hand vehicles. Simply put, the Digital CarPass will act as a report-sheet for cars on the distributed ledger to ensure data recorded like mileage is accurate.
According to Benjamin Sinram who is the head of the blockchain at Volkswagen, the car manufacturer is exploring distributed ledger technology and cryptocurrencies in unison with teams like IOTA and Energy Web Foundation.
He added that the vision of Volkswagen is to focus on autonomous cars that will carry out transactions on behalf of their owners using cryptocurrency wallets.
“We want to enable our autonomous cars to (provide) services for you and pay autonomously for these services with their own money.”
According to Sinram the product will be launching before the end of Q1 and given that this is huge for the car industry we can expect a lot of positive buzz surrounding IOTA, and it should reflect on its price.
IOTA Prepares for the Bull Market
During bearish periods, crypto experts advise projects to build the necessary infrastructure to really make their product applicable. And this is what IOTA and its team are doing.
At the moment, the IOTA community is working hard in order to have different products launched. To start, Trinity Wallet is being used and touted by IOTA enthusiasts. The Trinity Wallet works to establish a go-to and secure wallet for holding coins; an easy on-ramp for future holders to get into IOTA investing. This is a wallet addition to the already established method of storing IOTA on the Ledger wallet, which you can find more information about here.
The second important project that is being developed is a new digital ID. The world is moving into digitizing everything, including personal information. IOTA’s team is working in an important digital ID solution that will use its “tangle” technology. Although there is no official timeline for this project, developers are implementing Verifiable Claims Protocols to improve their services.
The ID project that is being developed is just one of the several projects that IOTA has signed with different car manufacturers.
The Swedish Central Bank (Riksbank), for instance, wants to launch the digital version of the Swedish Krona. The e-Krona will be based on IOTA and might be launched in 2019.
Additionally, two companies in the Netherlands, ICTU and XURUX, are investing in a project to verify legal documents within the ‘IOTA Blockchain.’
Projects like this boost IOTA’s standing as one of the more “practical” and “applicable” crypto assets. Its technology has shown potential benefits for these different sectors, and the bear market isn’t stopping IOTA from creating value.
IOTA has been in a bull market in the last few months. The virtual currency reached a high of $2.53 per coin a few weeks ago. However, this remains far from its all-time high reached in December 2017, when its price surpassed $5.69 in some exchanges.
It would be very important for the digital currency to accelerate its growth if it wants to achieve the massive gains that other digital assets registered over the last months. Ethereum, Bitcoin, Binance Coin and Litecoin have been moving higher and IOTA has been left behind.
This comes after several years of a bear market in the entire crypto industry. It has been very difficult for some projects to leave the bear trend but IOTA has shown that it is able to do so, even with some lag compared to other virtual currencies or digital assets in the crypto market.
In another recent move worth mentioning, ENGIE Lab Crigen has partnered with IOTA Foundation. The two companies will work on a blockchain-based smart energy ecosystem. In the partnership, ENGIE will use its computer and artificial science to enhance IOTA tangle. According to an official blog post, the team will learn from each other through experimentations.
The IOTA blogpost further revealed that the two firms had signed an agreement to establish a cooperation deal between them. They will initiate smart energy systems made of two fundamental tools. The first, to manage server-based blockchain infrastructure and creation of cloud base systems. The other, focus on improving smart contracts.
Per the announcement, the company is primarily targeting the Asian market and intends to roll out the services before next year. ENGIE will further extend its services to southern Europe before May 2019. While making the announcement, Yves Le Gelard, ENGIEs vice president, expressed his delight by saying that:
“We are excited to be part of this program, which will make it possible for many actors to access the blockchain technology. It is a perfect example to show how ENGIE is digitally transforming the society,”
In the announcement post, Phillippe Calvez, a Lab Research Manager, commented that:
“Most proofs-of-concept and activities have already been initiated in the lab and thus we look forward to collaborate with larger international projects. The partnership will enlighten more people on the benefits of using innovative DLT technologies.”
It is worth pointing out that IOTA has also partnered with Audi, one of the largest car producers all over the world.
IOTA (MIOTA) Price Prediction TradingView Analysis Updated June 19, 2021
For the IOTA/USDT analyst shows and predicted how IOTA was able to reach a $2.90 target per coin. The digital currency went out of an inverse head and shoulder pattern and broke out from an ascending triangle. IOTA broke the resistance that was shown by the analyst and reach the target of $2.89 with a lot of precision.
As he explains, it is always good to understand the risks involved in trading and use stop loss in case you are trading with leverage. Moreover, it is also useful to set up an entry and exit strategy for every single trade that would also make it possible to give you a good risk and reward ratio.
As we can see, the analyst for the IOTA/USDT trading pair shows that IOTA wants to retest the $1 level after the price got a rejection from the daily resistance level. In addition to it, he shares in the charts that if the price has a breakout from the rising wedge, then it could be a good moment to set up a “nice order.”
At the moment, the support level that we see at around 1.30 USDT is working properly to support the price of the digital currency. However, it might be possible for the virtual currency to eventually start moving downwards. This is why it is very important for this level to prove its strength.
IOTA has recently experienced a new sell-off as many other virtual currencies. This happened due to the recent FUD that affected the whole market, and mostly Bitcoin (BTC). IOTA has been traded in a symmetric triangle over the last few months but it has recently broken its support and it definitely erased all the gains of the last months.
The analyst thought that IOTA could have been moving higher through different Fibonacci levels and eventually hit a top of $2.8 from the $1.8 price. Thus, the recent price correction was over 50% from its highs and it shows how IOTA was affected by the recent FUD.
The expert is showing that unfortunately, the pennant from the previous analysis broke downwards. This happened at the same time that the entire crypto market fell in recent days. It is also worth taking into consideration that IOTA has also moved faster than Bitcoin.
In terms of fundamentals, the analyst considers that the progress of the IOTA ecosystem is astounding. For example, he mentions how Chrysalis continues to evolve with its part 2, how NFTs and smart contracts could enable many new use cases for the entire ecosystem, and more.
In the charts, he considers that IOTA is currently sitting at a support level that could help the price of the coin move higher towards 0.00005388 BTC per coin.
For the IOTA/USDT trading pair, we see that there could be a push up on its price with the upcoming Chrysalis update. The analyst shows that the market could be forming a new leading diagonal that is a short-term bearish pattern with a long term bullish outlay.
The analyst considers that it might be possible for the price to move lower before continuing upwards. He gives the example of how Elliott Waves behave and how they operate. We could be initiating the wave 3 of the 5-wave cycle for this trading pair. The first target that he gives is the first resistance that was formed in 2018 (2.75 USDT).