Against bitcoin, IOTA is in a symmetrical triangle pattern after previously trading in a range. Price is testing support at 0.00013 at the moment and looks ready for a downside break.
The 100 SMA is below the longer-term 200 SMA on the 4-hour time frame so the path of least resistance is to the downside. These moving averages are close to the top of the triangle, adding another layer of resistance. However, the gap has narrowed enough to signal that an upward crossover might happen soon.
Stochastic is also indicating oversold conditions, which reflects exhaustion among sellers and hints at a potential pickup in buying pressure. The chart pattern spans 0.00011 to 0.00016 so the resulting rally or selloff could be of the same height. RSI appears to be turning higher as well.
Against the dollar, IOTA is still in an ascending triangle pattern and also testing support. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside, which means that support could hold and another test of resistance around 0.6200 is due.
Stochastic is also pointing up so IOTA could follow suit. RSI has plenty of room to climb so there could be a chance for an upside break and a corresponding rally of around 0.2000 or the same height as the chart formation.
IOTA is an open-source distributed ledger protocol launched in 2015 that goes beyond blockchain through its core invention of the blockless ‘Tangle’. This is a quantum-resistant Directed Acyclic Graph whose digital currency has a fixed money supply with zero inflationary cost.
This uniquely offers zero-fee transactions & no fixed limit on how many transactions can be confirmed per second as scaling limitations have been removed with output growing in conjunction with activity. Unlike blockchain architecture, IOTA has no separation between users and validators. Instead, validation is an intrinsic property of using the ledger, thus avoiding centralization.