thecoinrepublic.com
- 1 The Iota price (BITFINEX: IOTA) decreased by 4.06% over the last 24 hours.
- 2 At press time, Iota is trading at $0.1860, and the 52-week price range is $0.1370 – $0.2779.
IOTA coin is a cryptocurrency that utilizes a Tangle network instead of a blockchain. It strives to facilitate fast, economical, and scalable transactions for the Internet of Things devices.
Moreover, no miners or fees are involved, and the supply of tokens is fixed at 2.78 Billion. IOTA coin has a market capitalization of over $500 Million as of December 2021 and is accessible on various exchanges.
Iota coin surged 4.45% in market value and 4.42% in trading volume in the last 24 hours, per Coinmarketcap which is a crypto data and info website. Its market value is $531,255,600, and its trading volume is $13,424,096. There are 2,779,530,283 MIOTA in circulation.
Iota coin open interest is $6.95 Million, as per Coinglass, and it fell by 0.86% yesterday. The long versus short ratio for 24 hours is 0.9372. The average volume of Iota coin increased by 134.23%, and it is at $20.29 Million now.
The coin climbed an impressive 19.79% this month. However, the IOTA price dropped by 11.83% in the past six months, showing poor performance. However, the year-to-date return of IOTA price is positive, with an 11.14% rise.
Iota Price Technical Analysis in 1-D Timeframe
The price of IOT was consolidating between $0.2051 and $0.2297 from mid-March to mid-April of 2023. Then, it dropped below the $0.2051 support level on May 6th, 2023, and entered a downtrend, reaching $0.1487 in a month, a 35% decrease.
However, the price rebounded from the $0.1487 support level and rose by 30% in a month, forming an uptrend. But the price could not make a higher high and turned back from an upper trendline, falling 7% from $0.1915 to $0.1781. The price stayed at the nearest support of $0.1781 for a few days.
Moreover, on July 11th, the price recovered and climbed about 9% and reached $0.1941, which is a resistance level. At the time of writing, the price faced rejection and is currently trying to hold at $0.1878. The price is also above 20 & 50 EMAs, suggesting that the price may rise to the next resistance level in the short term, but it will need more buyers to overcome them. Therefore, the coin must attract more demand to continue its upward momentum in the upcoming weeks.
Moreover
Iota coin price (IOTA) is above the 20 and 50-day EMAs (exponential moving averages). The EMAs are acting as supports pushing the price trend up. Therefore, the coin is likely to move higher, giving bullish signals on the daily time frame chart.
As per Iota price prediction, the MACD line at 0.0024 and the signal line at 0.0017 are above the zero line. Both indicators are giving bullish signals. The current value of RSI is 56.29 points, and the 14 SMA is above the median line at 54.94 points. Hence, Iota price prediction shows bullishness for the coin price.
Conclusion
IOTA coin is generating bullish sentiments in the 1-D time frame. The technical parameters of Iota price support the bullish trend. The major indicators MACD, RSI, and EMA are giving positive signals and imply that the uptrend may continue in the short term.
Technical Levels:
- The nearest support levels: $0.159 and $0.149.
- The nearest resistance levels: $0.228 and $0.238.
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.