- The IOTA crypto is following a strong uptrend on the daily chart.
- The crypto hit its all-time high price almost six years ago.
IOTA is a Distributed Ledger Technology (DLT) that uses the Tangle to avoid blockchain’s limitations. It aims to enable data privacy, smart contracts, and asset ownership. It was founded by four co-founders, one of whom left in 2019. It has two networks: The mainnet and Shimmer.
The highest price ever reached by the IOTA token occurred on December 19, 2017, when it reached a price of $5.25. Since then, the value of this cryptocurrency has witnessed a significant decline of approximately 94.10%.
In terms of market cap dominance, the IOTA token currently holds a relatively small share of 0.056%, placing it at the #73 position in market cap rankings as per Coingecko.
In the last 24 hours, the IOTA crypto has seen a small increase in its trading volume, resulting in a rise of 2.09%. Moreover, the volume/market cap ratio of the crypto is 11.58% and the fully diluted market cap of the crypto is $1.418 billion.
IOTA Derivatives Analysis
The derivatives trading volume of the IOTA crypto has declined by 3.7%, resulting in $210.86M. Also, the long/short ratio of the crypto is 0.9524, resulting in a long liquidation of $179.78K. Moreover, the short liquidation of the crypto is $82.15K.
IOTA Technical Analysis
The IOTA crypto price has broken above the crucial resistance level and is currently taking support above the same level. On the weekly chart, the crypto price has formed an inside candle after the formation of a strong bullish candle. If the price further manages to break above the high of the inside candle, a strong advance in the price can be seen.
IOTA/USD Chart by TradingView
The crypto price is trading above the rolling VWAP and the mean line of the Bollinger Band. This behavior of the price shows that it is following bullish momentum.
The MACD lines are also trading in a bullish zone above the zero level. Despite this, the signal line and the MACD line are following a bearish cross on the charts. This behavior indicates that the price might be entering in retracement phase and then continue the momentum to a higher level.
Conclusion
The IOTA token has recently broken above a key resistance level and is showing signs of a strong uptrend on the weekly chart. The crypto has also increased its trading volume and market cap, indicating growing interest and demand. It could continue its bullish momentum and reach new highs soon, as long as it maintains its support level and breaks above the inside candle.
Technical Levels
- Support levels: $0.060 and $0.1400
- Resistance levels: $0.670 and $0.900
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.