The IOTA price has struggled in the past few days. It is trading at $1.06, which is close to its lowest level since October. It has fallen by about 61% below its highest level this year even after the latest Shimmer project. Its market capitalization has also dropped to about $2.9 billion.
IOTA is a tangle network that was started in 2016. The network’s goal is to create an open, feeless data, and value transfer protocol. Today, IOTA’s network is used by a number of companies and organizations from around the world.
Still, to a large extent, like EOS, IOTA has not lived to its original promise. For one, we have seen IOTA being overtaken by other platforms that launched just recently. For example, Terra, which was started in 2018 has grown to become a top-ten project. The same is true with projects like Filecoin, Avalanche, and Solana.
At the same time, there are concerns about the recently-launched Shimmer project that introduced smart contracts to the network. While this is a good progress for IOTA, some analysts believe that Shimmer is another false promise for IOTA.
IOTA price prediction
The daily chart is not looking good for the IOTA price. As you can see, the coin has been in a tight range of between $1.1766 and $1.6651. And recently, the coin managed to move slightly below the lower side of this channel. This is a bearish sign.
It has even done a break and retest pattern, where it has retested the lower side of the channel at $1.6651. The coin is along the 25-day moving average and has formed a bearish flag pattern.
Therefore, the IOTA price will likely keep falling as bears target the next key resistance level at $0.85. This view will be invalidated if the price moves above the key resistance at $1.18.