Price Analysis

IOTA Marks an Intraday Bullish Crossover; Gains Medium-term Support

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IOTA (MIOTA), at the time of writing, was trading at $0.186. The coin is seen recording a good height after having bottomed out at $0.135 in the previous month. Although currently we see a growth of 37%, IOTA coin is seen trading at the 23rd position in the global crypto market.

Also, important to note that yesterday, the currency had hit $0.197 after a month-long of bearish pullback. At the same time, we have seen immense growth in the market cap and trading volume of the coin as well. Notably, Bitcoin has also started the year with a bang, as in the second week of the first month, it is pumping above $8,000 and even $8,300. Accordingly, the altcoin market is also seen drawing profits for three consecutive days now.

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IOTA Price Analysis

IOTA News
IOTA/USD Chart By TradinView

Taking a glance at the daily IOTA/USD movement on HitBTC, we see that the coin is gaining gradual momentum to rise from the hollowness created in the bygone year. In the past 5 months, MIOTA had topped as high as $0.326 and since then, it was on a continual downfall, losing imminent long-term support from the 100-day MA. The 20-day Bollinger Bands laid also confirm the bearishness throughout, as the coin had major downside breakthrough, hitting the lower Bollinger Band.

However, before the volatility in the market had set in, we saw a parallel—stable yet rising trend forming in the early half of the given time frame. Currently, the IOTA coin is majorly supported by a 50-day MA followed by 10-day MA. It is still losing support from the 100-day MA, but we strongly believe that if the coin gains enough momentum, it can rightly hit the major goal.

Technical Indicators

IOTA News Price

The technical indicators laid confirm the intraday bullish move as the MACD of the coin runs below zero or baseline and overrides the signal line.

The RSI of IOTA is at 59.70 and is moving towards hitting the uptrend with an overbought momentum.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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