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The main goal of the Iota Foundation is to establish a standard for both DLT and IoT devices. They claim that through Iota, IoT devices will be able to transfer both data and payment information to the devices that are connected to IOTA mainnet. The coin has been a by-product of the utility.
Past Week Performance of IOTA
The past week has been positive for IOTA. It started trading at $0.45 on February 4, 2021. The closing price of IOTA as of February 10, 2021, was $0.88. Thus, in the past week, the IOTA price has surged by approx. 96%.
In the past 24 hours, IOTA has been trading between $0.67-$0.95.
https://www.tradingview.com/x/XrTEHvOi
IOTA Trading at a High
Currently, IOTA is trading at $0.95. It has risen by approx. 8% from the opening price of $0.88.
The SMA and EMA lines are below the price line. Hence, the market looks bullish.
The A/D and OBV indicators are also rising. Thus, whale accumulation is more than distribution. Increasing buying pressures will push the IOTA price further up. Hence, the price upswing is likely to continue.
The RSI indicator is at 68% and just touched the 70% mark, a few minutes back. The RSI indicator further confirms the high demand for IOTA. Buying pressures are dominating the market. It is also a good time for swing traders to go short. As of now, the IOTA price is upswinging.
The MACD and signal lines are positive indicating that the market is healthy. However, a bearish crossover by the MACD line over the signal line implies a temporary price pullback.
The ADX indicator is rising too. Hence, the bullish momentum has enough strength to sustain for some time. The EOM indicator has started declining slightly implying that the price may be struggling to go further up. In other words, selling pressures are slowly gaining momentum.
The AO indicator is positive and giving strong ‘buy’ signals. Thus, the overall market is bullish. We can expect IOTA to close at a much higher price today than yesterday.
Currently, IOTA is trading above the first Fibonacci pivot resistance level of $0.94. By the end of the day, we can expect the price to break out of the second and third Fibonacci pivot resistance levels of $1 and $1.11. In that case, we can expect the upward movement to continue tomorrow as well.
A bullish trend is further confirmed if the price manages to go past the 23.6% FIB extension level of $1.02 in some time. To sum up, the IOTA price is poised to rise further and we can expect this upward movement to continue for the next couple of days.