IOTA (IOT) has dropped by 15.5% to $0.1216 this week, significantly underperforming the broader market. In comparison, Bitcoin (BTC) has fallen by 6.9% to $61,250. IOTA recently hit resistance at $0.1500, with its decline driven by escalating geopolitical tensions in the Middle East.
Currently, the token is retreating towards support at $0.1000, but there is potential for recovery as geopolitical concerns ease. IOTA's recent Sharia compliance and its registration as the first Foundation under the DLT Foundations Regulations of Abu Dhabi Global Market (ADGM) highlight its strategic expansion in the Middle East. While this has contributed to temporary weakness amid the conflict, the long-term outlook for IOTA appears positive, as its presence in the region could drive future growth once stability is restored.
