IOTA price has dropped over 23% since this year started and remains vulnerable for plummets under $1 if the negative trend continues.
Indeed, the crypto industry has seen bearishness for most of 2022. The global cryptocurrency market capitalization plunged beneath the $2 trillion mark. That comes as top assets in the space maintain underperformances.
IOTA Changes Management
IOTA team declared management changes yesterday, announcing Serguei Popov, its co-founder, shifted to the Supervisory Board, quitting the Board of Directors position. The adjustments in management came as the co-founder believes it’s about time to concentrate on managerial tasks than day-to-day responsibilities and decisions.
IOTA is a distributed ledge targeting the Internet of Things (IoT) environment. The project targets to promote fee-less payments, promoting machine economy growth. Moreover, the permissionless platform seeks to provide high scalability that blockchain ecosystem.
The announcement has IOTA’s native coin MIOTA losing 5%. While publishing this news, MIOTA hovers around $1.0490. The poor performance by IOTA comes even after experts selected the crypto for EU Blockchain Procurement last week. Meanwhile, the selection will have IOTA upgrading its protocol in the upcoming months.
MIOTA May Enter Oversold Area Soon
MIOTA has presented underperformance since 2022 started, shedding 23%. While publishing this article, the token hovers beneath the 50-day MA of $1.2247 at $1.0490.
The Moving Average Convergence Divergence was beneath the neutral level for over fourteen days now. Meanwhile, the RSI at 39 indicates the alt encounters selling momentum and might dip into the oversold area if the negative trend persists.
MIOTA might fall beneath the psychological level of $1 if the bearish performance perseveres. Keep in mind that the altcoin has traded above this mark since August 2021.
For now, the overall crypto industry indicates bearishness. Bitcoin struggled to rise, trading around $41,987 at this publication. Bitcoin requires a move beyond the vital level at $45K for near-term bullishness. That would lead to positive price reactions in the altcoin market.
While publishing this content, the global crypto market capitalization stands at $1.98 trillion, following a 0.49% 24hr decrease.
What are your views on the broad crypto market outlook? Feel free to comment below.