IOST is ranked number 98 according to coin capitalization. We have noticed that coins around this level are not steady for long in a particular rank. So it is possible that IOST would have moved to another rank by the end of this week. In any case, the essence of this post is to examine the prospects of IOST and the market and price action that would help us determine if it is a good investment option for people who are interested in investing in the coin market.
What is IOST?
IOST is an independent blockchain that was designed to be fast. This is why the project describes itself as a consensus protocol based on proof-of-believability. This is an ultra fast network that claims that it could deliver 100,000 transactions per second, which is far better than what is obtainable from its competitors such as Ethereum, EOS, Tron and others. The project hopes to make the adoption of blockchain a reality, even for large corporations and industries through its scaling solutions.
IOST has been pushing the adoption of blockchain tech aggressively with numerous use cases & education programs.
Our track record & today’s latest alliance ann with the Japan Blockchain Association say it all🙂 👇 #IOST #blockchain #DLT $iost #cryptohttps://t.co/1fjZCrHzAa
— IOST (@IOST_Official) October 4, 2021
The internal currency of the blockchain ecosystem is the Internet of Service Token (IOST).
What is The Utility Potential of The Token?
A project that is poised to challenge prominent smart contract blockchains and has actually put things on ground by building an efficient blockchain is worthy of note. Its innovative blockchain architecture combines some of the best features that enhance speed, efficiency and the security of the platform.
Supported Cryptocurrency Exchanges
If you want to purchase IOST, there are a few exchanges that have listed the token which was launched in 2018. These include Binance, Huobi Global, Bithumb and Kucoin.
IOST Tokenomics And Coin Data
There are 90 billion IOST tokens that could be mined. This is the maximum supply. It has a circulating supply of 18.1 billion. Its market capitalization is $1 billion, while the market price of one unit of the token is $0.05559 during the time of this report.
Trend And Price Action
The IOST is in a downtrend as can be seen from the One-Month chart. Even though this may not be obvious from other periods such as 3-month and 1 year-charts, which have shown conflicting patterns, we can see from the 1-month that the trend is downward at the moment. However, we shall subject this observation to technical analysis before we conclude on the trend of IOST.
The 10-day chart on moving average (MA) shows that IOST is on a downtrend. We can see the same pattern on the 20-day chart, while the RSI indicator has the value of 50. This is a clear indication that the coin has been in the overbought region and there is no indication that this is weakening. IOST has traded nearly sideways in the past few days and this doesn’t seem about to change, especially when we consider the volume change in the market.
What is The Future of The Coin?
The MACD indicator shows that the price is weakening despite hovering around the overbought region. We may see the coin test the $0.05107 support again in the coming hours and days. I think that this is a good time to buy IOST.