Good day steemians, today I will be posting my 4th and final trade for the week 3 trading contest, and I want to say it's been a great experience so far.
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IOTA is another cryptocurrency project that began in year 2015. It was actually named after the smallest letter of the Greek alphabet. Four people came together to create this project, they are ; David Sonstebo, Dominik Schiener, Sergey Ivanehegio and Serguei popov. IOTA uses an open-source distributed ledger to execute transactions specifically between Internet of Things (IOT). The cryptocurrency this ledger uses to carry out transactions within the network is known as MIOTA. IOTA network uses Tangle which is a system of nodes that is majorly used for confirming transactions.
IOTA believes instead of using blockchain, 'Tangle' is a better and efficient network that is faster.
The IOTA foundation (non profit organization) who are behind the implementation of the network ledger have reached an agreement with notable companies like BOSCH, VOLKSWAGEN in other to gain more visibility and adoption and as well extend the platform's utility to every connected device. This ledger which is a public permission-less backbone for Internet of Things will ensure swift transactions to be done within these connected devices and everyone will have free access to it.
Let's take take a look at the market statistics of this coin
As we can see above, on the coinmarketcap, this coin is currently worth $0.8124 and it's ranked number 54 with a market cap of $2,258,177,586 and trading volume of $80,182,933.
MIOTA is a crypto project that aims at redesigning the distributed ledger technology. It has gained popularity among crypto investors due to its unique model that incorporate blockchain and the internet of things. Crypto investors are of the believe that with the way IOTA works, it is highly scalable and it can handle large volume of transactions per second.
Let's take a look at the All Time Chart of this coin below.
As seen above, IOTA reached an All Time High of $5.69 on Dec 19, 2017 and has fell to a low of current price which is $0.81. It is believed that the current crash is also related to the general crypto bear run and bitcoin's fall but however, crypto analysts have envisaged the price might still drop further Slightly in 2022 but it's expected to rise to around $3 by the end of 2023. It has also been speculated that we could see IOTA price ranging between $0.73 and $1.03 for the most part of 2022. But subsequently in 4 to 5 years time, it is expected the price would get back to the ATH and possibly exceed it.
In this section, I will be carrying out a live trade using my Binance account on the crypto pair IOTA/USDT and my analysis will be carried out on the MT5 trading platform using multi timeframe analysis.
Let's take a look at the 1hr Timeframe
Looking at the 1hr chart above, I observed that price is reversing from a resistance, forming a bearish candle. And it's looking like a ranging market here. I also observed that the RSI isn't in any direction yet. It's in between the two key zones so I will head over to the 30mins timeframe for further analysis.
Here, I observed a morning star candle at the top which signifies a trend reversal and I saw an engulfing candlestick which further points at a possible 'SELL ENTRY' here. Similarly, on the RSI, I noticed price is making a subtle reversal.
I went to the 15mins timeframe as seen above and I placed a 'SELL TRADE' here, the stop loss was placed at the next resistance level and my take profit at the next support level. I used a risk to reward ratio of 1:2.
Here is the progress of my trade so far.
No, I do not plan to hold this coin for a long time as I only took a short-term trade and closed it after making some profit. Subsequently, I could buy this coin but I'm still doing more research on it.
Yes, I'm recommend this coin to crypto investor who would like to increase their portfolio. However, I have my reasons for saying this which I would be explaining below.
IOTA has partnered with tech giants like CISCO, SAMSUNG, VOLKSWAGEN etc all who are using its technology, this speaks volume of their credibility and increasing adoption around the globe.
Also, IOTA adopting and choosing to use the Tangle technology means there is better scalability and in addition, the IOTA network do not charge users for transactions carried out within the network, they charge zero fee which is kind of rare in the crypto ecosystem.
Another reason why I recommend this coin is that, it has potentials to rise further and increase in value due to the fact that the IOTA uses a superior technology and have created the IOTA ecosysten in 2018 with the aim of accelerating the development of IOTA's technology and adoption.
It is important to note that this coin can be bought from Binance, Bitfinex, Bittrex, OKX, Kucoin etc.
Let's take a look at the official site of this crypto.
Let's also check the block explorer where one can check all the block and transactions going on within the network.
In this post, I have been able to discuss extensively the IOTA crypto project in relation to the project background, founders, market statistics, price projections and recommendations.
I also placed a trade on the crypto pair IOTA/USDT using my Binance account, however my analysis were carried out on the MT5 trading platform using multiple timeframes.
Special thanks to the team leaders professor @kouba01 and @reminiscence01 for their support and guidance.
NOTE : Every analysis, recommendations and advice in this article is subjected to my personal research and findings.
Hello @feyol55,
Thank you for choosing our team to participate in the 3rd week of Season 6 of our trading competition, hoping that you will make gains during this period, you deserve a Total|5/10 rating, according to the following scale:
My Review on your choice of pair:
My Review on your trading style:
We thank you again for your effort and we look forward to reading your next article.
Sincerely, @kouba01
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