The IOTA price slumped even early trading even after the Foundation became a member of the European Commission Blockchain Commission. The MIOTA price is trading at $1.7050, which is a few points below this week’s high of $2.4190. It has a market capitalisation of more than $4.1 billion.
IOTA and the European Blockchain Commission
The European Commission has been working on embracing Blockchain technology recently. And this week, the commission announced a group of seven Blockchain companies that will help it become deeply involved in the industry. Precisely, it will help the bloc to build the European Blockchain Services Infrastructure (EBSI).
This announcement came at a time when IOTA has seen significant growth and adoption. For example, it’s technology was recently adopted by Trademark East Africa. The donor-funded foundation will use IOTA to simplify business across the region. Other leading companies are also using the platform to power their logistics and IoT platforms.
Still, all this did not spare IOTA from the recent cryptocurrencies sell-off as the MIOTA price crashed by more than 30% from its highest level this week. So, should you buy the dip?
IOTA price prediction
The daily chart below shows that the MIOTA price has been in a strong bullish trend since July. The coin was up by more than 300% before the recent crash. This bull run was supported by the inverted head and shoulders pattern. It also rose above the 25-day and 50-day moving averages.
The current sell-off happened as the coin neared its all-time high of $2.7285. Therefore, it is clear that this retreat is part of the process. Historically, most assets tend to have a major pullback after hitting such a resistance level.
Therefore, while the sell-off could intensify, we can’t rule out a situation where the coin rallies above its all-time high in the near term. This view will be invalidated if the price drops below the neckline of the head and shoulders at $1.2185.