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The price of IOTA currently stands around $0.27 which is still far away from the IOTA price predictions for 2020. IOTA has found strong support around $0.20 and the technical picture implies that the price may recover in the upcoming weeks.

My opinion is that IOTA has a very good risk/reward ratio in the market currently and according to analysts IOTA could reach a new price record in the coming years. IOTA is a Germany-based distributed ledger technology project with a cryptocurrency with the ticker MIOTA in the center of the network.

This project is connected with smart energy, eHealth, the automotive industry, Industrial IoT, global trade and supply chains. A very good team stands behind this project, the fundamentals of this cryptocurrency are steadily improving and the current price is close to the current resistance level which stands at $0.30.

The technology behind IOTA is called Tangle and it is important to say that IOTA is not using the blockchain technology. This allows secure data transfers to happen directly between digital devices, without transaction fees, in a self-regulating manner.

The number of connected devices that will be in use is estimated to reach 75 billion by 2025 and during the same period, broadband speeds are expected only to double. It will not be possible for all these devices to continuously connect to centralized cloud silos for all the data they will produce but this can be solved with IOTA.

IOTA has lots of advantages over the Bitcoin – IOTA has no miners, and therefore no incentives to slow the network down to raise fees, and other conflicts of interest. IOTA was planned from the beginning to interact with everything and IOTA can seamlessly be integrated into all coding languages. Another advantage of IOTA is the concept of “Sharing Economy”, anything that has a chip in it can be leased to others that have a use for it when you don’t.

The technical picture implies that the price reached the bottom, but is it ready for a rebound? Let’s have a closer look at the chart below.

According to the rules of technical analysis, the current trend of this cryptocurrency is neutral-bullish. There are some obvious risks when it comes to buying IOTA and investors should have in mind that the price could also fall in the upcoming period.

The current resistance levels are $0.30, $0.35 and $0.40, $0.25 and $0.20 represent the current support levels. If the price jumps above $0.30 it would be a “buy” signal and we have the open way to $0.35. Rising above $0.40 supports the continuation of the bullish trend and the next price target could be located around $0.50. On the other side, if the price falls below $0.25 it would be a “sell” signal and we have the open way to $0.20.

My opinion is that IOTA has a very good risk/reward ratio in the market currently and according to analysts IOTA could reach a new price record in the coming years. A very good team stands behind this project and the fundamentals of this cryptocurrency are steadily improving. The price of IOTA extended its correction from the recent highs above $0.37, registered in the first week of September. Despite this, there is no reason to panic and as long the price of IOTA is above $0.20 this cryptocurrency is not in the “sell” zone.

The post IOTA can be a profitable investment, here’s why appeared first on Invezz.

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