- IOTA crypto has high liquidity based on its market cap.
- The annual inflation rate of the supply of the crypto is also high.
IOTA is a distributed ledger technology (DLT) utilizing the Tangle, a structure where transactions verify each other without traditional blockchains. Founded in 2015 by Sergey Ivancheglo, Serguei Popov, David Sønstebø, and Dominik Schiener, it aims for decentralized data control. IOTA Foundation manages IOTA mainnet and Shimmer for protocol updates, with Coordicide planned for decentralization.
The trading volume for the IOTA crypto has declined by 18.69% in the last 24 hours which indicates the decline in traders for the crypto. This further results in a traded value of $13.927 Million and also the traded volume ranking of the crypto is 281st as per CoinMarketCap.
The market cap of the crypto has also declined by 1.5% in the last 24 hours and the market cap value of the crypto is $739.922 Million. Moreover, the market cap ranking of the crypto is #100 as per CoinMarketCap. This further has resulted in a volume/market cap ratio of 1.87% over the last 24 hours.
With a maximum supply of 4.60 billion IOTA, the crypto is trading with a circulating supply of 3.23 billion IOTA in the crypto market. Also, the total supply of the crypto is 3.23 billion IOTA and the supply inflation is also high resulting in 16.19%.
The market cap dominance of the crypto is 0.03% followed by a fully diluted market cap of $1.05 Billion. Currently, the volatility of the crypto is 15.85% and the sentiment of the crypto further is bearish as per CoinCodex.
IOTA Crypto Derivatives Analysis
The IOTA crypto has recorded higher long liquidation in the last 24 hours which has resulted in $60.01K. Furthermore, the short liquidation for the crypto is $3.72K which results in long/short ratio of 0.9585.
The derivatives trading volume for the crypto has declined by 1.09% in the last 24 hours which further results in a traded value of $24.44 Million. The open interest further witnessed a small advance of 0.09% resulting in $13.07 Million.
IOTA Crypto Technical Analysis
The price of the crypto has been consistently declining over the last few days followed by the lower highs pattern formation on the chart. The price further was trading inside a rising wedge pattern but failed to sustain above the same and declined below the pattern.
Currently, the price is forming bearish candlesticks on the chart. The following behavior of the crypto might lead to a further decline in price.
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IOTA/USD Chart by TradingView
The 20-day and the 200-day EMAs have formed a bearish cross on the daily chart. The price of the crypto has also declined below the following EMAs. This further shows weakness in the price of the crypto.
The MACD and the signal line is trading below the median level and the following metrics are in negative. This further represents a strong downtrend in the crypto price.
The RSI further supports for the weakness in the price as the RSI has declined to the level of 38.6 from the overbought zones.
Summary
With a decline in trading volume and market cap, IOTA crypto faces bearish sentiment. High supply inflation and declining technical indicators suggest further price weakness. The formation of lower highs and bearish candlesticks on the chart indicate a potential downtrend, supported by MACD and RSI signals.
Technical Levels:
- Support Levels: $0.130 and $0.1960
- Resistance Levels: $0.3250 and $0.4160
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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