Internet of Things (IoT) refers to technology that enables machines to interact with other machines and humans. It is a relatively large industry that is expected to keep growing. For example, analysts expect that there will be more than 100 billion connected devices by 2030. As a result, some developers believe that blockchain will play an important role in the industry. So, let us look at some of the best IoT cryptocurrencies to buy.
IOTA (MIOTA) is a major technology platform that seeks to disrupt the IoT industry. Still, the network is relatively different from other forms of blockchains.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
For one, it uses a technology known as Tangle, which is different from blockchains. In a blockchain, new transactions can only be attached to a single block that is connected to the next block. On the other hand, in tangle, every user is free to attach new transactions to different parts of the tangle. As a result, many transactions can be done in parallel.
IOTA is also testing the concept of smart contracts, which will help more developers build applications in the ecosystem. The ecosystem is currently used by non-profit organizations like TradeMark East Africa, mobility companies, smart cities, and other companies among others.
IOTA price has been in a narrow range in the past few weeks. MIOTA is trading at $1.3250, where it has been in the past few days. It is about 52% below the highest level this year and about 43% below the highest point in September.
The coin has also moved to the same level as the 25-day and 50-day moving averages. It has also formed a head and shoulders pattern, meaning that it could soon break out lower. In the long-term, however, there is a possibility that it will have a bullish breakout.
IoTeX (IOTX) is a relatively new blockchain project that gained popularity this month. This happened as the IOTX price jumped to an all-time high, having risen by more than 275% this month alone. IoTeX goal is to help build a safe connected ecosystem.
So far, the network has connected less than 10,000 devices and increased the number of transactions to more than 14.2 million. It also enables people to build decentralized applications.
On the daily chart, we see that the IoTeX price has been in a slow bullish trend in the past few months. The coin took off this month and soared to its highest level on record. It has formed a cup and handle pattern, which is usually a bullish sign. It is now forming a bullish flag pattern. Therefore, there is a likelihood that the coin will keep soaring as bulls target the key resistance at $0.2500.
VeChain (VET) can also be classified as an IoT cryptocurrency. The network was built by a former employee at LVMH. For starters, VeChain is a supply-chain blockchain project that helps companies and organizations to handle some of their toughest tasks.
For some of its tasks, VeChain users attach some sensors on the products being tracked. The collected data is then processed using VeChainThor technology.
On the daily chart, we see that the VET price has been in a slow recovery recently. The coin is hovering near an important resistance level. It has also moved above the 25-day and 50-day MAs while the Relative Strength Index (RSI) has been rising. Therefore, the coin will likely have a bullish breakout soon.
67% of retail CFD accounts lose money