In this IOTA forecast, we will on the one hand take a look at the fundamental data of IOTA, but on the other hand we will also give an up-to-date impression of the current chart structure and will therefore in today's article provide a comprehensive and meaningful forecast for what may be decisive for IOTA submit in 2022.
What is IOTA (MIOTA)?
IOTA is a cryptocurrency that sees itself as a means of payment for the IOT business. They bring their own token IOTA with them, which is specified in MIOTA (Mega-IOTA) by default.
The goal and vision of IOTA is to create the technical trust layer (or basis) for the Internet of Everything (IoE) so that devices in the IoE can exchange immutable data and values with each other free of charge, quickly and securely in the future.
The origins of IOTA
IOTA is a project founded in 2015 by the IOTA Foundation based in Berlin. Still valid today, it was set up as a non-profit foundation so that the IOTA technology and the underlying DLT (distributed ledger technology) can be further developed for the purpose of promoting science and research, as well as education.
The inventors of the concept are David Sønstebø, Sergey Ivancheglo, Serguei Popov and Dominik Schiener. Today, Dominik Schiener alone forms the board and thus the supreme body of the foundation, which meanwhile has over 150 employees from over 25 countries around the world. Serguei Popov only recently retired from the board of directors following his own decision and has moved to the board of directors of the foundation.
The first two mentioned, on the other hand, have (have had to) leave the foundation in the meantime. In particular, the departure of Sergey Ivancheglo (CfB) did not go unnoticed and IOTA was on the verge of failure, since the idea of the Tangle towards decentralization existed, but there was neither a concept nor a technical path for the employees seemed feasible. Even after the big announcement in 2019 and the publication of the Qubic project at the time, this project has now been scrapped and the focus has been on smart contracts with its own token assembly (ASMB).
The Coordicide with the team around Hans Moog and the decentralization that will then exist will continue to be the most important milestone for IOTA in the coming year and can already be observed in the test network.
The characteristics of IOTA's technology
The technology behind IOTA is the Tangle, a kind of data transport medium. This is a kind of fingerprint on the web that can be used to verify sent data. Internally, IOTA is referred to as the acyclic graph (DAG). This graph is connected by several paths. Each path has a clearly defined direction of travel, which, however, never returns to its starting point.
The following features are fundamental to the IOTA Tangle:
Scalability (high number of transactions per second with fast confirmation times)
Lean system - Even low-performance devices are able to participate in the network
Fee-free – Transactions are sent with no network fees. If 1 MIOTA is sent, exactly 1 MIOTA will arrive
The differences to the Bitcoin blockchain
IOTA differs from Bitcoin in the following points:
As described, there are no transaction fees
The Tangle is used instead of a blockchain
A significantly higher number of transactions per second is possible
The more transactions are carried out, the faster the Tangle becomes
The low computing power makes IOTA the greenest cryptocurrency in space from an economic point of view, but also from an ecological point of view
The IOTA token
The IOTA token is the network's digital form of currency and a tool for value transfer on the Tangle. The maximum number of tokens in the system is limited to 2,779,530,283 MIOTA, in 2015 all tokens were already issued at the start of the network and are currently in circulation. The following diagram is intended to show the various units in more detail (on stock exchanges, the unit MIOTAS is usually traded):
In the meantime, the foundation has also released two more tokens. As mentioned above, the assembly token for the company's own smart contract network "Assembly" is currently being issued via an airdrop. For a new incentivized test network as a precursor to decentralization that is called Shimmer, the in-house Shimmer Token.
Application areas of IOTA
There are no limits to the area of application of the network. Overall, IOTA now has the following products in development, which can be used like a modular system (excerpt of the most important ones):
Smart Contracts
Streams
Identity
Access
Digital Assets
Stronghold
Firefly Wallet
If you want to know more about the products, I can recommend the article already included for a more detailed description.
In the area of industrial sectors, IOTA could be used in the following segments (excerpt of the most important ones):
Mobility und Automotive
Global Trade und Supply Chains
digital identities
Smart City
Internet of Things
healthcare sector
DeFi
NFT
…..
IOTA chart analysis
IOTA has not had it easy in the last few days. After breaking down from our bullish chart pattern, we have now reached our price target and are consolidating at the monthly support S1.
This is also the end of our large sideways range, which has been going on for some time now. We are currently at around USD 1.05 and thus only just above the psychologically important USD 1.00 mark.
It will now be important for IOTA that we can continue to hold this level or finally see an impulsive move up to be able to leave the sideways range.
While we can hardly see any change in the current situation in the smaller time units, it is worth taking a look at the daily chart, because there we see two possible chart patterns.
On the one hand, we could possibly form a so-called cup & handle pattern (white). The basis for this is the large U-shaped movement from April to July, followed by a sideways movement, which we are still in.
Furthermore, we can see a huge symmetrical triangle . This has been forming since the beginning of 2021, but still has room until around March, when we could see an outbreak here.
In the IOTA/BTC daily chart we also see hardly any changes in the last few days. Here we have also been in a higher sideways range for months, which we have not yet broken through.
We are currently trading at around 0.0000025 BTC. We can see a small uptrend here. The RSI and MACD do not give us any further clues as to what is to come next. A small bullish crossover could form there in the MACD in the next few days . However, this indicator is lagging, which means that the move to the upside has already happened.
Of course, a forecast is not a promise of further price development. Nevertheless, there are numerous ways to forecast the development of IOTA. We looked at a number of experts and summarized their opinion on IOTA.
Conclusion: Does IOTA have a future?
According to Coinmarketcap, IOTA is currently the 48th most valuable cryptocurrency by market capitalization. If IOTA can fulfill all of its promises and take the right direction, similar to 2021, the project will be an absolute unique selling point in the entire crypto space with huge potential.
Our entire IoE could be revolutionized with it. If it works, we will inevitably see IOTA among the TOP 5 cryptocurrencies worldwide. So far, the experts have been rather skeptical about prices, also due to the problems of the past, with a slight upward trend.
A big factor influencing this will continue to be the coordicide (key to decentralization) that the community has been promised to implement for years. Should this finally become possible, the path for IOTA can only go in one direction in the long term. Whether that will happen in 2022, we don't see as of today. But it is definitely worth keeping an eye on the IOTA coin.
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