IOTA price analysis: IOTA price Poised to Skyrocket +104% to the New 52-week High of $1.26

IOTA hits new 52-week high
  • IOTA jumped over +104% in the last seven days and has given breakout over the yearly chart placed around $1.16
  • The pair of IOTA/BTC is also performing well as now trading above the major moving averages of 20,50 and 200-Day, which standing at $0.00002554 BTC with an intraday gain of +29.66%
Source:tradingview

IOTA price skyrocketed and jumped over +104% in the last 24-hour standing at $1.16. Presently IOTA amid a bullish rally over the news of recent developments for the IOTA ecosystem which has been robustly strong including the Chrysalis update and announcement of usage of Oracle on the network. The IOTA protocol by the German Ministry of Transport for traffic projects and the partnership with South Korea for smart city projects are certainly increasing IOTA adoption and scalability on a global scale. Support on a monthly chart is placed at $0.70, and $0.50 can be considered as strong support. Meanwhile, the resistance on the higher side is placed around $1.85 and $2.50. The coin presently placed above all major moving averages of 20,50,100 and 200-Day, which indicates the bullish nature of IOTA. 

Source:tradingview

On the daily chart, IOTA is trading on a bullish note supported by strong volume action, which jumps over +262% in the last 24-hour standing at $657,190,491. Total market capitalization is standing at $3,292,308,915 with an uptrend of +53.28%, which helps IOTA stand at the rank of 23rd. Presently it is trading at $1.16 with a massive intraday gain of +61.89%. 

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Relative Strength Index (Bullish) indicates a bullish Momentum while trading at 85.73. However, it is currently placed inside the overbought zone, which indicates a sharp correction from higher levels. 

Moving Average Convergence Divergence (Bullish) currently indicates a bullish trend on the daily chart as it is about to give a positive crossover with the significance of the Buyer’s line (green) over the seller’s signal line (red), with no sign of weakness.   

Support levels: $0.70 and $0.50 

Resistance levels: $1.85 and $2.50 

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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