IOTA price suffers a deep reversal: is the rally over?
Release: 2024/12/10 22:54 Reading: 415
IOTA Price Correction Amidst Market Downturn
IOTA (IOTA) has experienced a significant drop this week, ranking among the worst-performing cryptocurrencies within the top 100.
Pullback in Line with Market Trends
IOTA's decline has mirrored that of Bitcoin (BTC) and other altcoins, which have typically experienced large drops when Bitcoin trends lower. Bitcoin itself has retreated from its record high, pausing its strong rally.
Rebased Governance Proposal Factor
The price correction coincides with the commencement of the counting phase for the IOTA Rebased Governance proposal. Coin holders can continue voting during this process, which concludes on December 16.
IOTA Rebased Upgrade
IOTA Rebased represents a transformative upgrade for the network, introducing features such as MoveVM and Ethereum Virtual Machines. It also enhances decentralization and increases transaction processing capacity to over 50,000 transactions per second. Additionally, IOTA holders can earn an annual yield through staking.
Analyst Optimism
Despite the current decline, some investors remain optimistic about IOTA's long-term recovery. Analyst Andrew Moh highlights the coin's favorable tokenomics, including its high circulation, low inflation rate, and absence of venture capital allocations.
Technical Analysis
IOTA's daily chart indicates a drop below key support levels at $0.4213 and $0.3900. It remains above the 50-day and 100-day Exponential Moving Averages, but bearish indicators suggest further mean reversion towards the 50-day EMA at $0.2440. A rebound is possible if Bitcoin recovers to its previous all-time high.
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