ZenLedger
· · ·

Binance.US lists IOTA and its price continues consolidating

Binance.US lists IOTA and its price continues consolidating

Disclaimer: This article contains technical analysis, which is a methodology for forecasting the direction of prices through the study of past market data, primarily price and volume. The content presented in this article is the opinion of the author. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence and consult with a financial advisor before making any investment decisions.

Binance.US announced that it will be listing IOTA on its retail platform for U.S. cryptocurrency investors.

IOTA is a permissionless distributed ledger technology built by the IOTA Foundation. It consists of a stream of individual transactions entangled together. The protocol aims to facilitate the emerging machine-to-machine (m2m) economy of the Internet-of-Things (IoT) by creating a fee-less, highly scalable, asset transfer network.

This will be the first time IOTA is listed in a fully regulated cryptocurrency exchange in the U.S., according to Dan Simerman, head of financial relations at the IOTA Foundation.

“[We’re] really happy to announce that we have a home in the US! One exciting point: [Binance.US] has a US onramp and they are fully regulated. [This] will signal a lot of our other US counterparts that they can feel comfortable adding IOTA,” added Simerman.

Alongside with IOTA, Binance.US will also list BUSD, a fully-regulated and USD denominated stablecoin. BUSD made headlines last month when it received approval by the New York State Department of Financial Services (NYDFS) becoming one of the few cryptocurrencies that can be sold to New York residents.

At the moment, users can start depositing IOTA and BUSD into their accounts. However, these cryptocurrencies will be open for trading on the Binance.US platform as of Oct. 22 at 9:00 PM EST. Both IOTA and BUSD will be listed against the US dollar (USD), but the latter will also be traded against Bitcoin (BTC).

Despite the positivism that the listing of IOTA brought to the crypto community, the market value of this cryptocurrency is lurking.

IOTA technical analysis

Since Sept. 25, IOTA has been consolidating mostly between $0.26 and $0.29. Every time it reaches the support level it bounces off to the resistance level. But, when it hits the resistance level, it falls back to the support level.

When looking at its 1-day chart, the Bollinger bands appear to be squeezing. Squeezes are indicative of periods of low volatility and are typically succeeded by periods of high volatility. The longer the squeeze the higher the probability of a strong breakout that defines the direction of the trend.

As a result, the area within the lower and upper band could be considered a no-trade zone. And, the direction of IOTA’s trend will depend on its ability to trade outside of the trading range between $0.26 and $0.29.

Breaking below support could take it to $0.23 or $0.18. Meanwhile, surging above resistance will likely let it test the next price hurdles at $0.32 and $0.40.

IOTA US dollar chart
IOT/USD by TradingView

IOTA’s addition to Binance.US marks the first step towards providing market access for millions of retail investors in the nation. Even though this exchange has a 24hr normalized trading volume of nearly $3 million, it could certainly pave the way for other platforms to list this cryptocurrency. Coinbase, for instance, has been aggressively listing new digital assets as a move to strengthen its market position and now IOTA could be the next one.

Buy IOTA on Binance.US and get $15 when you complete $100 in trading volume

Sign up for Binance.US CryptoSlate will earn a small referral fee when you join.
Posted In: , , , Crypto Exchanges, Technical Analysis
Invest with AMFEIX

Like what you see? Subscribe to CryptoSlate

Get our daily newsletter containing the top blockchain stories and crypto analysis straight to your inbox.

Sign up to stay informed
Ali Martinez
Author

Ali Martinez

Technical Analyst @ CryptoSlate

After Ali began forex trading in 2012 In 2014, he came across Bitcoin’s whitepaper and was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started buying Bitcoin. By 2015, he started traveling to spread the word about Bitcoin.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.