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- 1 IOTA crypto decreased 1.51% in the past 24 hours and was traded at $0.2185 at the moment of writing.
- 2 Despite a dip in March, the support level is gaining strength with current volume at 15.63 million.
The market saw a positive upward trend in the price of IOTA, between October 20th, 2023 and March 13th, 2024. During this time, the daily chart showed a significant surge in the value of IOTA, skyrocketing from $0.1400 to $0.4200.
In the last six months, IOTA has performed well, showing a gain of 55.67%. However, in the past week and month, the price broke the uptrend from the supply level of $0.4200. Consequently, the weekly and monthly charts indicated a decrease of 27.75% and 33.29%, respectively.
IOTA crypto could possibly display a potential turnaround rally in the coming session on the daily chart. The price demonstrated strong sustenance signals at a critical support level located around $0.19500.
The IOTA crypto might undergo a substantial surge once more. This outcome is possible because the price had previously surged from a nearby level to this support level, which will undoubtedly prompt the IOTA asset to reach higher levels beyond its current supporting range.
The IOTA crypto asset is displaying bullish behavior as the MACD histogram is not growing, which seems stagnant at -0.009791 in the last couple of sessions and confirms the sustenance activity. Similarly, the RSI is at 31.84, highlighting that it can extend its gains as it seems like it has taken a U-turn towards 14-SMA.
Meanwhile, The IOTA asset indicates that its bullish strength is coming back, and the probability of its price rising is visible on the daily chart. If buyers come into the market, IOTA price could surpass the important 20-day and 50-day EMAs from the lower support.
IOTA crypto has seen a decrease of -1.51% in the past 24 hours and is being traded at $0.2185 at this moment of writing. Therefore, if the demand for the IOTA price (IOTA) increases from the current support, it could bounce back remarkably. The next target for the price could be to reach $0.2800 and $0.3200.
Another possibility would be if the price value of IOTA crypto fails to stay above $0.19500, it could also see a further decrease.
IOTA Crypto Social Dominance Chart
The acceptance of IOTA crypto among users can be measured by the social dominance sentiment indicator. The social dominance chart shows a positive trend over time in IOTA. The rise in social dominance may have a beneficial effect on the IOTA price since greater user participation can result in increased demand, which may push up the price of the IOTA asset.
IOTA Crypto Price Vs Volume Analysis
Upon further examination of the chart, from the start of 2024, the volume and price continued to rise, and a significant increase in activity was observed. It illustrated increased demand and excitement about the IOTA price, with trading volume exceeding $30 Million to the max of $180 Million, rising drastically from $0.1400 to $0.4200 by March 6th, 2024.
IOTA fell from second week of March 2024 to April 8th, 2024. Despite this dip, there was sustained support, as volume is gradually increasing at support, where the current volume is at 15.63 million.
Summary
Between October 20th, 2023 and March 13th, 2024, IOTA price surged from $0.1400 to $0.4200, indicating a gain of 55.67% in the last six months. However, there was a 27.75% decrease on the weekly chart and a 33.29% drop on the monthly chart, breaking the uptrend from the supply level of $0.4200.
Despite this, the daily chart suggests a potential turnaround rally, with strong support at $0.19500 and bullish indicators like the MACD and RSI. The IOTA asset shows signs of bullish strength, hinting at a possible price increase if buyers enter the market.
The price of IOTA crypto has dropped by 1.51% in the last 24 hours to $0.2185. If demand increases, the price could aim for $0.2800 and $0.3200. Conversely, if it falls below $0.19500, further decline is possible.
Social dominance for IOTA remains positive, indicating user acceptance. Since the start of 2024, trading volume has surged, driving prices from $0.1400 to $0.4200. Despite a dip in March, support remains strong with current volume at 15.63 million.
Technical Levels
Support Levels: $0.19500
Resistance Levels: $0.2800
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
