Leading DAG-based Layer-1 solution IOTA price has exploded +44% after the Iota Foundation launched as a new $100M entity in Abu Dhabi, but with markets caught off-guard, is it too late to buy IOTA?
Despite a tumultuous 2023, which has seen IOTA price struggle to break high in face of capstone moving average resistance, the sensational breakout pump yesterday has left markets in awe.
Excitement stems from the launch of the IOTA Foundation entity in the UAE, an initiative which has the stated aim of helping to convert real world assets into digital ones.
IOTA is the first #DLT Foundation regulated with @ADGlobalMarket in #AbuDhabi 🇦🇪! The new #IOTA Foundation will be seeded with over $100 million in $IOTA tokens to support and accelerate the growth of the IOTA ecosystem.https://t.co/7NYe2L5RFs
— IOTA (@iota) November 29, 2023
The $100M investment, funded by IOTA token seeding, comes as a vote of confidence after IOTA became the first blockchain company to be approved by regulators on the Abu Dhabi Global Market (ADGM) after the finalization of crypto regulations earlier this month.
IOTA Price Analysis: Is It Too Late to Buy IOTA After $100M Foundation Launch in Abu Dhabi?
As price action reels from yesterday’s explosive pump, IOTA is currently trading at a market price of $0.22 (representing a 24-hour change of -11.67%).
The -22% retracement move comes after the +44% IOTA price pump was stalled by long-time frame upper trendline resistance – posting a local top at $0.29.
Catalysed by the IOTA Foundation news, the magnificent upside move coincided with a bounce off the 200DMA (currently stood at $0.17).
Bullish posturing has been in the works for weeks now, with the 20DMA (current at $0.18) forming a golden cross over the 200DMA on November 13.
Now fighting to consolidate new-found explosive gains, IOTA price is currently seeking to find a local support – although there are few historical footholds in the ongoing range.
This exposes IOTA price to downside risk, and this sentiment is backed by the RSI which signals bearish at 62.86 – signalling further potential for retracement.
Meanwhile, the MACD remains marginally bullish at 0.0042, suggesting bullish momentum remains after the announcement.
Overall, IOTA seems bold but vulnerable here, the explosive move up shows substantial market appetite, but a lack of localized support for a period of consolidation could create problems.
IOTA price is therefore left scrambling for a higher support level at $0.25 (a potential +11.26%).
While further downside could see IOTA price risk a drop to $0.197 (a possible -12.33%).
Risk: reward for IOTA price consequently stands at 0.91, a bad entry at the volatile tail end of a breakout rally, suggesting too late to buy on the short-time frame.
But while IOTA offers a poor entry at this point, another opportunity emerges in a new GambleFi presale that is skyrocketing on the promise of replicating Rollbit’s success.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.