Is IOTA Dead? Not Really. Spikes by Over 650% in 5 Months
IOTA: Highlights of the Month
IOTA, one of the top 30 cryptos of the market, is seen holding a steep rise in the altcoin price and is currently trading at $0.326. The altcoin, after having hit a higher high and a YTD high at $0.45, collapsed to a 4-month low at the onset of the month at $0.213. However, just before closing the month, IOTA price gained 53.05% in approximately 20 days, to currently trading above $0.30.
IOTA Marking Major Developments
As per the recent IOTA news updates, a global industry association, TM Forum, drives digital transformation through collaborations and integrations awarded the IOTA Foundation with an Outstanding Catalyst award. This award was clearly to reflect the noteworthy contributions of the foundation towards edging the digital transformation in the telco industry. IOTA solutions imprint on its supply chains and corroborate the security of the industry’s hardware components.
The IOTA Foundation receives @tmforumorg Outstanding Catalyst award for contributions to the acceleration of #digitaltransformation in the #telco industry. #IOTA solutions track #supplychains & ensure the security of #industry40 hardware components. https://t.co/bHUiyTTFTh
— IOTA (@iota) November 20, 2020
Although gaining massive impetus, IOTA is often surrounded by news such as it is dead. Is it already? Let’s get into the YTD price movement of the coin against the greenback to reflect the current price action of the crypto.
IOTA Price Analysis
At the time of penning down this analysis, IOTA was seen trading 2 cents above $0.30 at $0.326 after a clear steep rise in the price. IOTA price action on the daily chart has been intraday bullish after ten weeks of clear consolidation and a choppy price trend.
With a steep rise in IOTA’s price, the price trend breached the upper BB on the daily chart against the US Dollar. However, as per IOTA Price Prediction, if the currency continues to draw a higher high pattern, it is likely to mark another high in the first half of 2021.
However, the answer to the question Is IOTA Dead lies in reflecting its price movement throughout the year until the time of writing. The coin clearly gained in the first half of the year after the significant YTD bounce in March to as low as $0.059. However, if we reflect the growth of the coin from $0.059 to the YTD high at $0.45, IOTA has strengthened by over 650% in approximately five months, which definitely confirms that IOTA is not dead.
However, the intermittent dips and lack of traction might draw bearish crossovers in between, but the current steep rise is necessarily hinting at a bullish divergence on the MACD chart. The RSI is also seen breaching the overbought zone due to price lead spiked demand, lying at 70.19.