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IOTA’s Slowdown Sees It Slip Behind In Ranking

27 january 2019, 23:45 by John Kiguru

IOTA’s Slowdown Sees It Slip Behind In Ranking

The last couple of weeks have been characterized by massive sideways action. Most coins have been stuck within certain ranges, unable to break past short term resistance levels. IOTA has been one of the coins that have hardly had any movement in the last couple of weeks. Unfortunately for it, Binance coin which was tailing it on the market has in the last couple of days begun surging. This surge, accelerated by IOTA’s slowdown has seen Binance overtake IOTA in ranking.

The change has seen IOTA take investors a more cautious position as it moves further from a top ten position.

At the time of press, IOTA is ranked 13th with a market cap of $798,456,820. Currently, IOTA is recording marginal losses and trading for $0.287263. Despite the loss in ranking, IOTA has managed to keep investors interested by remaining within range and avoiding certain lows.

From the past 7 days, IOTA has not dropped below $0.28, however, it has frustratingly not gone past $0.30. The coin is in dire need of a clear catalyst that will help the bulls push prices past key resistance positions. IOTA’s next key targets, for now, are $0.30, followed by its year high of $0.39.

As prices begin climbing, investor confidence is expected to grow with it. This is highly needed if the coin is to remain close to the top ten coins and by extension have a chance of ever joining them. The coin is still flooded with optimism as the project continues to create a standardized 'Ledger of Everything' for the next generation technology, Internet of Thing (IoT). With demand for Internet of Things growing and a need to have them connected to a ledger to ensure efficiency, it is hard not to bet on IOTA to be bullish in the long-term.

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