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IOTA Market Information and 4H pattern analysis

September 10, 2021
by Joseph Jeffriess, Market Analyst

IOTA

IOTA (MIOTA) is a distributed ledger designed to record and execute transactions between machines and devices in the Internet of Things (IoT) ecosystem. The ledger uses a cryptocurrency called MIOTA to account for transactions in its network. IOTA’s key innovation is Tangle, a system of nodes used for confirming transactions. IOTA claims that Tangle is faster and more efficient than typical blockchains used in cryptocurrencies. – Investopedia

IOTA is seen as a third-generation blockchain like Cardano. The IOTA ledger is managed by the IOTA foundation, a nonprofit that has agreements with leading companies like Bosch and Volkswagen.  The agreements maintain and extend utility among connected users. IOTA is seen to have scaling problems, and some aspects of this cryptocurrency can be vulnerable to hacks.

Today’s IOTA analysis, wedge break to test resistance 1?

Below we’re watching IOTA’s 4H chart as the price has broken out of a wedge pattern. As the pattern is in an uptrend we will look at it as a continuation consolidation. A measured move of the pattern sets up a target at resistance 1. It’s up to buyers now to fulfil that target with continued upward momentum. If buyers reach resistance one then the next target will be resistance 2 and September high above. If sellers regroup and push price back into the wedge, that’s a worry and traders could look at giving the market more time to set up new evidence of direction.

All times are AEDT.