A few days ago, traders had to survive the unprecedented dump throughout all markets, which happened in less than 24 hours. All coins were affected on that day, dubbed the Black Thursday - the value of literally all cryptocurrencies was sinking faster than a stone goes to the bottom of the river.
IOTA didn’t remain idle when the massive panic sale occurred and lost 48%% at the day’s close, which was the market average on that day as the charts were brimming with red. Over the past four weeks, the coin has gotten cheaper by 63% - another fact that serves as a proof of bulls’ impotence at the moment.
Besides, the IOTA Foundation is still suffering the aftermath of a hack that occurred on February 12 and led to the substantial amount of MIOTA being stolen from users’ wallets. The real magnitude of the hack is still unknown - some claim that it amounted to $2.2 million - but it was enough to force the team to shut down the mainnet, which has been brought back online only on March 10, right before the “big showdown.”
IOTA’s price action in the last 7 days
To IOTA’s credit, the company’s executive David Sonstebo has publicly ensured that all users of its proprietary digital wallet Trinity, which had been compromised during the hack, will be reimbursed in full from his own funds.
However, this generous and noble gesture didn’t save MIOTA from sinking like a rock, along with the overwhelming majority of other cryptocurrencies. And with the ongoing turmoil everywhere in the world, it remains to be seen whether the hacked IOTA holders would be happy with getting more coins that are dramatically depreciating in value. All these twists and turns could add even more pressure on MIOTA and accelerate its potential fall to the new lows if the vehement panic sale persists.
On March 12, the crypto traders were stunned by the developments on the market that had taken an unprecedented nosedive, disrespecting all available levels of support along the way. The next day, IOTA hit the all-time low at $0.08, and even $0.05 on some exchanges, having offered a golden opportunity for the most industrious traders to supplement their portfolios with the cheapest IOTA ever. Following that deep dive, the 24th coin made a swift comeback within the previous range but failed to go above $0.15 despite an enormously high buying volume. This fact shows that the bulls are still too weak to perform a recovery to the middle of the previous downfall range.
1-day IOTA/USDT chart
The level at $0.15 must serve as resistance upon the next attempt of the bulls to push IOTA up since the price had plenty of interaction with it in the past. Given that the hysteria on global markets has been showing no signs of calming down, the best-case scenario for MIOTA would be the consolidation between $0.15 and $0.011, after which it could go in either direction, depending on such factors as the scope of the coronavirus pandemic and the behavior of traditional markets. One thing is for sure - no one is expecting a miraculous revival of the previous uptrend as we are now trading in the dark hours for cryptocurrencies.
There is some hope, though, for IOTA to restore the price action characteristic of the preceding downtrend. But if we are being realistic, the coin is most likely to retest the all-time low a few times before it finds the strength to bottom out.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||69.2%||55||$42 638.72||-1.51%||4.41%||$807 243 389 030|
|2||ETH||Ethereum predictions||68.8%||67||$3 256.70||-2.76%||7.85%||$388 191 403 166|
|3||BNB||Binance Coin predictions||71.6%||55||$472.81||-5.35%||12.55%||$78 864 524 384|
|4||USDT||Tether predictions||92.8%||1||$1.000273||-0.01%||0.02%||$78 421 002 783|
|5||ADA||Cardano predictions||72.8%||51||$1.52||7.70%||35.16%||$51 076 939 560|
|6||USDC||USD Coin predictions||92.8%||1||$0.999934||-0.01%||0%||$45 406 392 117|
|7||SOL||Solana predictions||62%||78||$143.41||-5.39%||7.22%||$45 053 299 330|
|8||XRP||XRP predictions||73.2%||58||$0.763343||-2.02%||4.70%||$36 383 303 359|
|9||LUNA||Terra predictions||72.4%||59||$81.65||-5.36%||18.96%||$29 236 557 736|
|10||DOT||Polkadot predictions||74.4%||53||$26.43||-5.41%||12.61%||$26 102 662 712|
|11||DOGE||Dogecoin predictions||73.6%||46||$0.169529||-4.73%||18.09%||$22 491 504 380|
|12||AVAX||Avalanche predictions||66%||76||$88.98||-5.79%||5.60%||$21 741 645 322|
|13||MATIC||Polygon predictions||74%||54||$2.32||-0.44%||16.00%||$16 960 038 549|
|14||SHIB||SHIBA INU predictions||72.8%||59||$0.000029||-4.37%||8.49%||$16 022 900 829|
|15||BUSD||Binance USD predictions||94.8%||1||$0.999468||-0.11%||-0.14%||$14 439 514 995|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2022 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.