IOTA, known for providing decentralized solutions for the Internet of Things (IoT), is equipped with innovative Tangle technology which facilitates fast, low-cost and secure transactions. Tangle is a Directed Acyclic Graph which further enhances IOTA's scalability as well as making its transactions more reliable. Unlike other cryptocurrencies, IOTA doesn't involve typical miners. Instead, transactions are confirmed by previous transactions in its network which takes much less energy and time. These features of IOTA makes it a more viable option in the field of IoT as well as supply chain management. Just recently, IOTA Foundation released a EVM testnet on the Shimmer testnet which is expected to boost developers' morale.

Currently, IOTA has a market capitalization of $588 million and is positioned 80th in the cryptoverse. Volume of the asset has seen a recent rise of 19% in the intraday session. Volume to Market Cap ratio of IOTA also suggests a stable and consolidated market trend.

From its weekly chart of performance, IOTA appears to be trending down, however, the daily chart indicates a more consolidated movement. Currently, the asset is hovering around $0.211 with a drop of 2% in the intraday session. Price uptrends of IOTA can face resistance near the mark of $0.5, and it is likely to find support in the vicinity of $0.1. Apart from being traded below the 50 and 100 Daily Moving Average, an impending negative crossover is not out of the question.

Analyzing the IOTA's Relative Strength Index (RSI), it stands at 48 with a small shaded inclination. This is an indicator to show a bearish sentiment in the coming time.

Considering the fact that IOTA recently released a EVM testnet, a major price surge can be expected in near future. Moreover, some short-term hiccups are in the offing; major support lies at $0.4 while major resistance can be found at $0.5. Nonetheless, all the views and opinions stated in the article should be taken into account with extreme care. The cryptocurrency sector carries the risk of financial losses, thus, investment or trading in any digital asset should preferably be made after getting proper consultation.



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