IOTA Is in a Free Fall to $0.1000
IOTA (IOT) experienced a significant drop of 15.0%, falling to $0.1108 on Monday, marking the largest decline since April 13. At one point during the day, the token's loss reached 21.2%. Despite this sharp decline, the IOTA project has been on a positive trajectory with notable developments. The latest IOTA 2.0 network, launched in June, now operates on Proof-of-Stake principles. Additionally, the IOTA EVM ecosystem, which was approved by the community in August, has allocated 172,000 tokens to improve liquidity. These advancements had previously supported the token's price.
However, the overall risk-off sentiment in the markets, driven by fears of a global recession, has erased these gains and sent token prices into a free fall. If the support at $0.1000 fails to hold, prices may decline further to $0.0500 or even lower. Conversely, if the support holds, a strong rebound could occur, potentially pushing prices up to $0.2000.
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