fxs_header_sponsor_anchor

IOTA price prepares to rebound after the Foundation parts ways with creator David Sønstebø

  • IOTA price has lost 37% of its value in the past two weeks and is ready for a rebound.
  • David Sønstebø was kicked out of the IOTA Foundation Board of Directors and Supervisory Board.

On December 10, the IOTA Foundation Board of Directors and Supervisory Board announced that David Sønstebø was no longer part of it after a unanimous decision made by the rest of members in the best interest of the project.

David has been instrumental in founding the project and helping to build the initial team, vision, and ecosystem. However, it has become clear that David’s interests and the interests of the IOTA Foundation have diverged significantly.

IOTA price could be poised for a bounce in the short-term

Although David Sønstebø was an important pillar in the business activity, the IOTA Foundation states that, ultimately, this resolution was good for the ecosystem of the same one. IOTA price is trading in a significant downtrend on the daily chart but looks ready for a bounce.

IOTA/USD 12-hour chart

The TD Sequential indicator has just presented a buy signal – in the form of a red nine candle – on the 12-hour chart, which could drive IOTA price towards the 0.618 Fibonacci retracemenet level at $0.30. Other potential price targets include the 0.5 Fibo level at $0.325 and the 0.382 level at $0.35.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.