IOTA price has dropped 5% in the past 24 hours and is currently trading at $0.2202 with a 9% increase in trading volume.
IOTA price failed to benefit from Tenity’s latest move to launch the IOTA APAC Accelerator in Singapore. IOTA launched this accelerator in partnership with Tenity as a 12-week program aimed at nurturing the next generation of decentralized finance (DeFi) pioneers.
The accelerator aims to foster entrepreneurial talent in the IOTA ecosystem. Its focus is on early-stage projects that are developing real asset (RWA) tokenized products and infrastructure that will help create an environment that fosters Web3 innovation.
Meanwhile, there is widespread confusion in the market as exchanges await the next move in Bitcoin, which is set to take place on April 20.
IOTA Price Prediction Amid Rising Market Risk
IOTA price is trading with a bearish bias, like most altcoins in the cryptocurrency market. Overhead pressure continues to increase, with the 200-day, 100-day, and 50-day Simple Moving Averages (SMAs) continuing to rest on IOTA price at $0.2491, $0.2860, and $0.3206 levels.
The relative strength index (RSI) is also well below the 50 threshold, suggesting that bears have the upper hand in the market. This is supported by the convincing AO and moving average convergence divergence (MACD), both of which are in negative territory.
If the selling pressure intensifies, there is a possibility that IOTA price could touch the bottom of the market range at $0.1910 before attracting buyers again.
On the other hand, if the bulls grab the opportunity to buy the pullback, IOTA price might start recovering. A breakout of the 200-day moving average at $0.2491 will encourage more buy orders. Increasing buying pressure above this level might flip IOTA price to support at the 100-day moving average at $0.2860.
This will set the tone for the altcoin to move towards the higher part of the market range, above the 50% Fibonacci level ($0.3055). A firm candle close above this level will attract more bulls enough to break the resistance of the 50-day moving average at $0.3206.
In a highly bullish scenario, IOTA price could climb further to the top of the market range at $0.4200. Such a gain would be close to 90% of current levels.
Promising Alternatives to IOTA
Meanwhile, investors began to take notice of TUK, the native cryptocurrency of the eTukTuk ecosystem.
The project, which raised over $3 million in presale, aims to contribute to a sustainable and improved future for all.
As governments in Asia and Africa push to increase adoption of electric vehicles over the next two decades, eTukTuk could play a key role in driving that shift.
The project allows individuals to contribute to a sustainable and improved future for all through the introduction of electric Tuk Tuk taxis.
As one of the best ICOs to buy in 2024, the project is presented as a revolutionary cryptocurrency ecosystem that aims to help Tuk Tuk drivers adopt a more energy-efficient mode of transportation.
The project is centered around building dedicated zero-emission vehicles (ZEVs) and electric vehicle charging stations (EVSEs) in urban and suburban areas of developing economies, with a focus on South Asia and Africa, starting in Sri Lanka.
It also offers staking rewards to investors, with staked TUK tokens earning up to 90% annualized yield.
Rewards in TUK tokens will be distributed to users at a rate of $4.75 per BSC block. Rewards will be paid over three years and will be determined based on your share in the staking pool and the annual rate of return.
The price of TUK tokens is $0.03 per token, but it will increase in about four days. So if you are interested, act quickly to buy it at the lowest price.
To access and purchase TUK tokens, click here.
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