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IOTA Price Prediction: Will MIOTA Continue the Bull Run?

August 2, 2023
crypto
IOTA Price Prediction: Will MIOTA Continue the Bull Run?
  • The price of IOTA is trading at $0.17909810.
  •  IOTA’s Market cap is $501.95 million.
  • IOTA price has been observed to decrease by 3.33% in today’s market session

MIOTA (Internet of Things) is a blockchain-based cryptocurrency and DLT protocol that seeks to facilitate safe transactions and communication in the IoT ecosystem. MIOTA is built on royalty-free Tangle technology and is a scalable and decentralised DAG (distributed agreement system). 

MIOTA’s primary goal is to enable micro transactions and data sharing between IoT devices. This makes it excellent for M2M transactions.

Trend Analysis

Looking at the trend and price information in the chart, we can see that IOTA (MIOTA) is currently in an uptrend momentum, making higher lows, and the price has reversed from the important support level of $0.14819094, forming a triangle pattern; if the price breaks out of the triangle, we can expect very good momentum. 

IOTA is Trading in Upwards Direction

Technical Analysis (1D Timeframe)

Source:  IOTA/USD.1D.BINANCE by TradingView

IOTA Price Analysis

EMA: The EMA, or exponential moving average, assigns more weight to recent price data. It can help determine the overall trend direction as well as potential support and resistance levels. The price of IOTA is currently trading above the Exponential Moving Average, and there is a good likelihood that the price will rise as the EMA is sending out positive signs.

RSI: The IOTA RSI for the day is now sitting around the 55 level, and the signal line is hovering around the 45 level, indicating a relative balance between buying and selling pressure. The price will almost certainly dominate the level and rise above it.

MACD: The trend-following momentum indicator known as the MACD displays the relationship between two moving averages of an asset’s price. It consists of a signal line and a MACD line. When the MACD line crosses above the signal line, it produces a bullish signal; when it crosses below the signal line, it produces a bearish signal.In the daily timeframe, the MACD line for IOTA (MIOTA) is currently crossing in favour of the bulls, passing over the signal line. This suggests a shift in momentum in favour of the bulls. Traders may view this as a hopeful indicator for the price of IOTA in the near future.

Trendline Analysis:

According to the Trendline, the price is obeying the trendline and reversing from the support level, signalling a further advance to the channel’s upper line.

Conclusion

According to the analysis, the indications are supporting the bullish movement in a short period of time. We can predict an upward advance if the price breaks the aforementioned level with sufficient volume. The overall trend of the IOTA (MIOTA) in a longer time frame is now positive. Indicators such as MACD and RSI are indicating bullish momentum, and the EMA is also indicating bullish momentum.

Technical Levels:

  • The Nearest Support Zone is  – $0.1481
  • The Nearest Resistance Zone – is $0.1972
Disclaimer

The information provided in this article is solely for information purposes and is not intended to provide financial, investment or any other advice. Trading or investing in crypto involves the risk of loss.

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