Technical: 3.2 USD is still not off the table, although the pennant broke to the downside. We bounced strongly off the lower Bollinger Bands targeting the topper band again. Extension would lead to a new high and cross on MACD. When comparing Iota to Bitcoin , we have experienced a much stronger growth on Iota's side recently. We are bouncing off strongly from the support at 3500 Sat, which has been the resistance for almost 2 years now. Currently, the price is at 3900 Sat and moving upwards again. Bullish divergence could drive the price much higher while being support by 20-day EMA . Touching the new resistance at 4300 should be likely, if not breaking through in the coming weeks on the way to the next strong resistance at around 5400 Sat.
Fundamental: Chrysalis part 2 will be released tonight. NFTs and Smart Contracts will enable endless use-cases combined with a zero-fee environment. The energy consumption of Iota is by far less than what it takes to transact Bitcoin - around 5 million transactions one could do for the same energy it consumes for a Bitcoin transaction right now (1 Iota transaction uses 0.112Wh). The confirmed TX after the Chrysalis update can reach 1000+ TPS . Furthermore, since the supply of tokens does not increase as it does for most other coins which have miners, we could soon reach a stage in which price keeps going up, regardless of the correlation with Bitcoin . The demand will increase exponentially, once we see Iota being used to send data & pay in the m2m economy.
This is no trading advice.
Good luck!
Fundamental: Chrysalis part 2 will be released tonight. NFTs and Smart Contracts will enable endless use-cases combined with a zero-fee environment. The energy consumption of Iota is by far less than what it takes to transact Bitcoin - around 5 million transactions one could do for the same energy it consumes for a Bitcoin transaction right now (1 Iota transaction uses 0.112Wh). The confirmed TX after the Chrysalis update can reach 1000+ TPS . Furthermore, since the supply of tokens does not increase as it does for most other coins which have miners, we could soon reach a stage in which price keeps going up, regardless of the correlation with Bitcoin . The demand will increase exponentially, once we see Iota being used to send data & pay in the m2m economy.
This is no trading advice.
Good luck!
