IOTA Down by 5% in 24 Hours Following Management Changes

The total cryptocurrency market cap has dropped below the $2 trillion mark again as Bitcoin, Ether, and the other leading coins continue to underperform.

IOTA’s Co-Founder Moves to the Supervisory Board

The IOTA team announced yesterday that its co-founder Serguei Popov has moved from the Board of Directors to the Supervisory Board. The management changes come as Serguei feels it is time to focus on managerial oversight rather than day-to-day decisions and responsibilities.

📣Our co-founder Serguei Popov @mthcl_crypto moves from our Board of Directors to the Supervisory Board!

Thanks Serguei for all your contributions to the #IOTA journey – here’s to the next chapter ❤️https://t.co/uKEr9oB3Lx

— IOTA (@iota) January 18, 2022

IOTA is a permissionless distributed ledger that targets the Internet of Things ecosystem. The project aims to support the growth of a machine economy by promoting fee-less machine-to-machine payments. It also seeks to offer greater scalability than blockchain networks.

Since the announcement, MIOTA, the native token of the IOTA ecosystem, has lost more than 5% of its value. At press time, MIOTA is trading at $1.0490 per coin.

IOTA’s poor performance in recent days comes despite being selected for phase 2 of the EU Blockchain Pre-Commercial Procurement last week. The selection will see IOTA improve its protocol over the coming months.

MIOTA Could Soon Enter the Oversold Region

MIOTA has been underperforming since the start of the year, losing 23% of its value during that period. At press time, MIOTA is trading at $1.0490, below its 50-day moving average price of $1.2247.

The MACD line has been below the neutral zone for more than two weeks now. Meanwhile, the RSI of 39 shows that MIOTA is facing selling pressure and could soon enter the oversold region if the bearish trend continues.

If the negative performance persists, MIOTA could drop below the $1 psychological level for the first time since August.