- The European Commission says that IOTA as "a key innovator".
- IOTA/USD stays in the range as the upside momentum fades away.
IOTA is the 24th largest digital asset with the current market value of $842 million. The coin has stayed mostly unchanged since the beginning of Thursday and lost 1.4% in the recent 24 hours. At the time of writing, IOT/USD is changing hands at marginally above $0.3014. The coin has been range-bound with bullish bias after a collapse to $0.2963.
The European Commission named IOTA as "a key innovator"
The cryptocurrency project has been recognized as a key innovator for its contribution to the European Research program focused on solving the main issues faced by the EU society in the realms of transport and energy.
The European Commission approved IOTA’s proposal for CityxChange project in 2018 after a heavy review process. The initiative aims to build a peer-to-peer marketplace for trading renewable energy within a city, while IOTA’s technology will help create an automatic communication energy-positive buildings.
The +CityxChange project is broken down into multiple work packages, each focusing on a different area of the future energy positive smart city. Each work package is composed of multiple tasks. IOTA is involved in a total of 12 tasks, ranging from standard project management activities, development and planning the commercialization and exploitation of new technology.
IOTA/USD: The technical picture
IOT/USD regained ground above $0.30. This pivotal level is reinforced by 1-hour SMA100 and now serves as a local support. The further recovery may be extended towards 1-hour SMA50 at $0.3050. The next resistance is created by $0.3090-$0.4000. This area has been limiting the upside momentum since August 4. On the downside, if the price moves sustainably below $0.3000, the sell-off may be extended to $0.2840 (4-hour SMA100) and $0.2757 (August 2 low).
IOT/USD 1-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.