The recent performance of the crypto market shows that investors have low confidence in the sector. The main reason behind such bad performance is the Federal Reserve’s minutes release on Wednesday 5th January.
However, if markets turn higher then altcoins stand to make excellent returns as they carry a higher risk than Bitcoin and Ethereum One such altcoin is IOTA.
IOTA, A distributed ledger for the Machine Economy, released a beta smart contract with zero fees to enable interoperability between IOTA and ERC-20 tokens in 2021.
To make matters better, IOTA started its official staking program on 21st December, at 3:00 pm CET.
The best thing for investors while staking on IOTA is that it does not have any lock-up period, additional costs, or penalties. Stakers can choose to be rewarded in either SMR tokens, ASMB tokens, or both at the same time.
With so many new updates happening within IOTA, it might unveil several partnerships and launches as expected in 2022.
IOTA, what do the charts say?
IOTA is currently trading at $1.17 and is up 5.40% in 24 hours with a trading volume of $54,568,758.
The IOTA price followed a bearish channel after forming a swing high at $1.54 on 30th December. Soon afterwards the market came down, breaching two major support levels at $1.35 and $1.25.
After forming a new swing low at $1.04, the price saw a massive rejection from buyers and formed a bullish Doji candle. Moreover, the price moved up and broke the recent swing high on the 4hr TF at $1.15 and is now rising further. The first resistance level(R1) is at 1.21, followed by the next resistance level(R2) at $1.29 and R3 at $1.40.
However, if the price fails to break above R1 and break the higher low at $1.07 instead, it may fall to test the support formed at $1.04.