Bitcoin
BTC$42 638.72

-1.51%

Ethereum
ETH$3 256.70

-2.76%

Binance Coin
BNB$472.81

-5.35%

Tether
USDT$1.000273

-0.01%

Cardano
ADA$1.52

7.70%

USD Coin
USDC$0.999934

-0.01%

IOTA: Hack Resolved But the Price Plummets


April 2020

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.

IOTA’s future is unclear, but it’s undoubtedly not very bright


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.

Author: Alex Paulson for Crypto-Rating.com

Related

IOTA Was Caught In a Bad Moment
IOTA Was Caught In a Bad Moment
IOTA (MIOTA): The Bulls Are Upping the Tempo
IOTA (MIOTA): The Bulls Are Upping the Tempo
IOTA (MIOTA) Luring Traders Into Bear Trap
IOTA (MIOTA) Luring Traders Into Bear Trap
IOTA (MIOTA): Good Enough For Shorting Only
IOTA (MIOTA): Good Enough For Shorting Only
IOTA: Wallet Hack Could Threaten the Price
IOTA: Wallet Hack Could Threaten the Price
Fundamentals might catalyze MIOTA's price in 2020
Fundamentals might catalyze MIOTA's price in 2020
What to expect from IOTA in the future?
What to expect from IOTA in the future?

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 69.2% 55 $42 638.72 -1.51% 4.41% $807 243 389 030 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.8% 67 $3 256.70 -2.76% 7.85% $388 191 403 166 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 71.6% 55 $472.81 -5.35% 12.55% $78 864 524 384 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000273 -0.01% 0.02% $78 421 002 783 USDT 7 days price change
5 Cardano (ADA) ADA Cardano predictions 72.8% 51 $1.52 7.70% 35.16% $51 076 939 560 ADA 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $0.999934 -0.01% 0% $45 406 392 117 USDC 7 days price change
7 Solana (SOL) SOL Solana predictions 62% 78 $143.41 -5.39% 7.22% $45 053 299 330 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 73.2% 58 $0.763343 -2.02% 4.70% $36 383 303 359 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 72.4% 59 $81.65 -5.36% 18.96% $29 236 557 736 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 74.4% 53 $26.43 -5.41% 12.61% $26 102 662 712 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 73.6% 46 $0.169529 -4.73% 18.09% $22 491 504 380 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 66% 76 $88.98 -5.79% 5.60% $21 741 645 322 AVAX 7 days price change
13 Polygon (MATIC) MATIC Polygon predictions 74% 54 $2.32 -0.44% 16.00% $16 960 038 549 MATIC 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 72.8% 59 $0.000029 -4.37% 8.49% $16 022 900 829 SHIB 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $0.999468 -0.11% -0.14% $14 439 514 995 BUSD 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

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.