02 Oct 2018 Josphat Kariuki
IOTA Ends September as One of the Biggest Failures among Top Digital Assets
According to data, the MIOTA digital token continued dropping as the month came to an end, following the decline that started in August. At the time, this crypto asset was trading at a high rate of $0.79. In September, IOTA tanked following unsuccessful attempts by the bulls to stem the bleed that resulted from August’s monthly highs. However, this shows more about the crypto market than about MIOTA’s performance.
On average, September has been profoundly affected by sell-offs of larger digital currencies such as Bitcoin, dragging the prices down across the entire cryptocurrency market. That has also resulted in a lot of “chop,” though not in any substantial way.
Adding credibility to that assessment, the crypto market’s capitalization has significantly recovered losses incurred as of 12th September, moving to $223 million from a low of $186.3 million as of 30th September.
The liquidity loss experienced in the first half of the month indicated that the price of the lesser known digital tokens stalled. That left the users caught in the middle of various price ranges before falling victims to the larger sell-offs of big cryptocurrencies.
MIOTA started to go down around the beginning of September, after its prices tanked by 12%, and continued falling after the market took a turn for the bottom. On September 5-6, MIOTA suffered the most significant loss, going down by 16%. During the rest of the month, the digital currency didn’t perform any better either, despite attempts by the bulls to improve the situation. That’s because they were held back by pressure from Bitcoin’s daily sell.
On 22nd September, MIOTA made its final attempt to rise beyond $0.65, but it got knocked down after failing to produce significant highs to break its downward trend. Due to that, MIOTA’s volatility for the month remains at 33.71%, an average rate for one of the top 25 cryptocurrencies.
According to data, MIOTA can improve from its poor performance in September, as prices seem to have stabilized at around $0.50. The trade volumes have also begun to rise in October, most notably in the second half of the month. That comes after IOTA started moving into recovery and consolidation mode.
The increase in growth of trading volumes is a good sign when calculating the odds in favor of getting a breakout as other channels start narrowing again. Speaking about volumes, it requires a substantial amount to validate the information when looking at patterns.
According to MIOTA’s daily chart, the growing triangle shows a potential breakout above its normal high of $0.60 if a massive injection is made onto the charts. A big rally above $0.65 would also signal a bear-to-bull trend in the long-run as a result of the breakout. On the other hand, dropping below the $0.50 range would continue the bear bias that has been going on since the beginning of the year.