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- 1 Iota price is currently trading at $0.1831 while witnessing a gain of 0.38% during the intraday session .
- 2 Miota price crossed above 20 and 50-day EMAs.
- 3 The year to date return of Iota is 8.88% while three month return is -17.64%.
Miota price began at the start of 2023, when price started to rise from the low of $0.1678 and reached a high at $0.2746. Since then, the price has been in a bearish trend forming lower lows. Iota price did try to retest the annual high after forming support near $0.18 level and started to rise but the move was halted as price faced rejection near $0.24.
Recently, Miota price formed a support at $0.1520 level after breaking the yearly lows. The cryptocurrency price bounced off from the support and initiated a bullish rally to recover from the losses occurred in June but faced rejection from $0.2062 level.
The candle of 27 June closed below $0.1845 after the rejection. The previous candle has closed as a strong bullish candle and the current candle has broken the high of previous candle which is a good sign for buyers.
The current candle needs to close above $0.1845 to provide slight confirmation regarding a bullish move toward $0.21. If bullish momentum prevails, the price might be filling the upper wick of the 27 june. On the other hand, if bears take control, price might head toward $0.1690.
Recent Developments In Iota Ecosystem
Iota has expressed keen interest in actively participating in the European Union European Digital Infrastructure Consortium (EDIC) initiative. The EU’s EDIC initiative represents a significant advancement and marks a positive stride in the right direction.
Will MIOTA Price Reach $0.21 Next Week?
The cryptocurrency price trades above 20 and 50-day EMAs indicating rising bullish momentum in the market. The 20-day EMAs is acting as a support for the price. Chaikin money flow score is 0.07 suggesting strength in the price. The relative strength index is at 57.78 indicating rising bullish momentum.
RSI is also sloping upwards. The price rejected the 20-day SMA of bollinger and is currently trading near the upper band of bollinger. The long/short ratio is 1.15 with 53.63% longs and 46.37% shorts indicating high participation of buyers in the last 24 hours.
Conclusion
The market structure and price action of IOTA is bullish after the price established support at the $0.1520 level and commenced a bullish rally. Currently, the current candle is expected to break and close above the resistance level of $0.1845.
If bullish momentum prevails, traders can expect the price to rise above the $0.21 level. The 24 hour trading volume has also increased by 47.36% which indicates that investors are showing interest in the crypto asset.
Technical levels
Major support: $0.1690 and $0.1590
Major resistance: $0.2100 and $0.2300
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
