IOST is not a new coin; rather, it is a coin with enormous potential. IOST, curated and developed by a team of experienced IT professionals and higher education academicians, has one primary goal: to become the fastest cryptocurrency known to humans. It currently has a transaction rate of 100,000 transactions per second and is known as the ultra-fast blockchain network.
It is currently a fully developed decentralized blockchain network with self-developed nodes, wallets, and the renowned next-generation consensus protocol. IOST is an open-source cryptocurrency that uses a novel concept known as the proof of believability consensus algorithm to ensure security and efficiency while also allowing for faster transaction speeds.
Price Analysis of IOST
The IOST coin has shown strong momentum since its lows of $0.0154 on June 22 to its current traded value of $0.0776, representing a 450 percent rally. IOST’s price action is still a long way from its initial release peak in 2019. A single 46 percent increase on September 8, 2021, completely changed the volume action seen on this cryptocurrency previously.
With a significant increase in volumes, the price has skyrocketed and is on its way to a near-term high in 2021. Regarding RSI levels, they have been in bullish territory for the entire last month. Even the sell-off on September 7, 2021, could not push the RSI level to neutral levels, as prices quickly rebounded.
For IOST, the level of $0.0693 is acting as a buying level, with solid support active at $0.0456. The upside target remains at $0.09280, and people will be offloading their holdings to book profits of more than 400 percent to mitigate the risks. Keep an eye out for any drop in the relative strength index. The 200 and 100-day moving averages are also active at much lower levels, indicating a stronger buying action on IOST cryptocurrency.