The latest crypto downturn has seen IOTA (MIOTA) drop to a low of $0.35. While this has got the market all panicky, it is actually a good time for buyers looking into IOTA (MIOTA) with a long-term view. Both IOTA’s technicals and the fundamentals are all screaming BUY. This confluence of technicals and fundamentals could see IOTA (MIOTA) do a moonshot, and surpass its all-time highs of $5 by a huge margin.
Starting with the technicals, IOTA (MIOTA) has lost a significant amount of its value, and it possibly couldn’t get worse than this. This is supported by the fact that IOTA (MIOTA) is trading at a long-term support level at $0.30 – $0.35. The last time that IOTA (MIOTA) was trading at these prices was in October 2017. That’s more than a year ago. At these prices, IOTA (MIOTA) is showing all signs of being oversold. Prove to this is in its price action since the beginning of 2018. From the beginning of the year, IOTA (MIOTA)’s drops have been quite drastic.
However, since it broke below $0.60 in August, it has slowed down significantly. It has been a slow grind all the way to the sub $0.40 level, which is yearly support. That’s an indicator that IOTA (MIOTA) could have hit the bottom. Though it may not bounce back immediately due to the prevailing market conditions, chances are that it could rise slowly, and once it breaks back above $1, FOMO could kick-in and drive up its price way past its all-time highs.
The fundamentals too support the possibility that IOTA (MIOTA) could have hit the bottom. Compared to a time like this last year when IOTA (MIOTA) was trading between $0.30 and $0.40, it did not have the fundamentals that it has now. For instance, it didn’t have half the partnerships that it has today. At the moment, IOTA (MIOTA) has extensive partnerships across industries.
In the automobile industry, it looks all set to dominate this market. It has struck partnerships with top automobile companies like Volkswagen. It also has the potential to disrupt supportive industries such as the car insurance industry. IOTA is making in-roads in other industries as well. Fujitsu is already using IOTA in auditing the manufacturing process and is working on pushing this tech to manufacturers all across the world. All these and many other use cases make IOTA (MIOTA) highly undervalued since it is now trading at last year’s prices when none of these use cases was a reality. Then there is the fact that with the increased number of transactions, the IOTA tangle is getting stronger, and closer to removing the COO, making it completely decentralized.
This confluence of positive fundamentals and technical analysis could see the value of IOTA (MIOTA) rise slowly over time, and enter into a long-term Bull Run. At current prices, IOTA (MIOTA) ’s risk-reward ratio could be perfect for long-term investors aiming to invest in this crypto with a target of 5 to 10 years. In such a time frame, IOTA (MIOTA) could easily hit double to triple digit valuations as its use case expands.