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Price Prediction

IOTA Price Analysis: Will MIOTA Continue the Bull Run?

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  • The price of IOTA is trading around $0.1759.
  •  The 24-hour volume is $489,446,597 which increased by 6.96% in 24 hr.
  • IOTA price has been observed to increase by 5.76% in today’s market session

IOTA (MIOTA) is a cryptocurrency and distributed ledger technology (DLT) that intends to allow secure transactions and communications in the Internet of Things (IoT) ecosystem. It uses royalty-free Tangle tech, a scalable and decentralized DAG-based structure. IOTA is focused on facilitating microtransactions and data transfers between IoT devices, making it ideal for machine-to-machine transactions. 

Trend Analysis

By looking at the trend and price information in the chart we can depict that IOTA (MIOTA) is in a downtrend momentum making lower lows. It has taken a reversal from the support level and the price is trading in between the triangle pattern. The ROI of Bitcoin SV has decreased by 29576% which is massive.

IOTA is Trading in Downwards Direction

Technical Analysis (1D Timeframe)

IOTA is Trading in Downwards Direction
Source: IOTA/USD.1D.BINANCE by TradingView

IOTA Price Analysis

EMA

 A moving average called the EMA gives more weight to recent price data. It can assist in determining the general trend direction as well as possible support and resistance levels. Currently, the price of IOTA is below the EMA but if the price breaks the level, it can move up further. 

RSI

The momentum oscillator known as the RSI measures how quickly and dramatically prices move. Between 0 and 100, it oscillates, with readings over 70 suggesting overbought situations and under 30 indicating oversold ones.

 RSI is near to the 50 neutral level.Currently, the RSI for the SUI for the day is hovering around the 52 levels, indicating a relative equilibrium between buying and selling pressure. This shows that there is no significant buyer or seller dominance at this point. There is a high likelihood the price will dominate the level and it will go above.

MACD

The relationship between two moving averages of the price of an asset is displayed by the trend-following momentum indicator known as the MACD. It is made up of a signal line and a MACD line. A bullish signal is produced when the MACD line crosses above the signal line, while a bearish signal is produced when it crosses below the signal line.The MACD line for IOTA (MIOTA) in the daily timeframe is currently crossing in favor of the bulls, going above the signal line. This points to a probable change in momentum in favor of the bulls. This may be seen by traders as a promising indicator for the price of IOTA in the near future.

Trendline Analysis:

As per the Trendline, the price is respecting the trendline and the price is reversing from the support level indicating further move till the above line of the channel.

Conclusion

According to the analysis, the indicators are supporting the movement on the bullish side in a short time. If the price breaks the above level with good volume, we can expect an upward move. Currently, the overall trend of the IOTA (MIOTA) in a larger time frame is an uptrend.

Technical Levels:

  • The Nearest Support Zone is  – $0.1481
  • The Nearest Resistance Zone – is $0.2041

Disclaimer

The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.  

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