(Updated January 02, 2020) 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.
Still, 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.
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 January 02, 2021
For the IOTA USDT trading pair, the analyst sees that there is a very strong long-term support level at around $0.2259 per coin. This could have a very positive effect supporting the price of this digital asset. Moreover, there is also an ascending trend line that could push the price of the virtual currency higher in the coming months.
The long-term analysis of this trader points IOTA towards the highest price registered since the bull market in 2017/2018. The virtual currency could reach $0.5954 in mid-2021. Moreover, it might also be possible for this coin to move to $0.54.
IOTA could be moving towards 0.35 USDT in the near future. The virtual currency could move towards 0.39 USDT and move higher to 0.4675 and eve to 0.5910 if the market continues moving higher. Moreover, these are also representing the fibonacci levels.
The analyst considers that this analysis would not work if the digital currency falls below 0.2980 USDT. This would push IOTA to levels between 0.25 USDT and 0.28 USDT. Of course, the entire cryptocurrency market would be playing an important role in the expansion of the altcoin market. If BTC moves higher, then IOTA could follow.
IOTA has been in a symmetrical triangle that acted as a clear limit in terms of support and resistance for IOTA. According to the analyst, there is a great upside potential. He went on saying that the token price has been squeezed in the lower range for a long time.
It is also worth noting that the virtual currency could move towards 0.3573 or even continue its bullish move towards 0.4251. This is something that can take place in the coming weeks or months. And of corse, it will be important to wait for Bitcoin and understand how the largest cryptocurrency in the world will behave.
For the analyst, IOTAUSDT is testing the monthly structure as new support. This is also representing the 0.5 Fibonacci level retracement for the expansion IOTA experienced in recent weeks.
According to the analyst, if the price confirms the new support, we can set a nice order that will allow us to make some good trades in the coming days. Meanwhile, on the 1-day chart, we see that the support levels are currently at 0.2933 USDT, 0.2578 USDT and also at 0.2411 USDT.
It will be very important to follow the expansion of the crypto markets in the coming days to understand how IOTA will evolve.
IOTA is currently recovering from a small drop below support levels. The digital currency is now headed towards 0.36 USDT per coin and it is currently being traded at around 0.2651. According to the analyst, the chart is showing a Wyckoff Accumulation Pattern.
The resistance level is going to be between 0.2968 and 0.3031. This region could also be used by IOTA as support if it moves higher. Nowadays, we need to be focused on the support that has been built around 0.255 USDT and 0.248 USDT. The analyst is also suggesting to have a look at the fundamentals such as the digital euro (EUR).