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IOTA price plunges as new governance vote starts

Author: Content Editor
The price of IOTA has fallen for two consecutive days, erasing some of its recent gains. This decline is in line with the broader sell-off in the cryptocurrency market. The drop in price coincided with a key governance vote by IOTA token holders, who are voting on an initiative to promote the network. Early data shows that 97% of voters support the proposal. This vote follows a recent community vote on the Rebased proposal, which aims to enhance the network's functionality and position IOTA as a competitor to other blockchains. Despite the recent decline, IOTA remains above its 50-day and 100-day Exponential Moving Averages and has formed a bullish triple-bottom pattern. A rebound to $0.400 is possible, but a further decline could lead to a drop to the support level at $0.2500.

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