- The IOTA has given a return of 12% to its investors in the last 14 days.
- The MIOTA uses a different kind of hashing algorithm known as CURL.
IOTA is a DLT that uses the Tangle to avoid blockchain bottlenecks. It aims to enable private, secure, and scalable data and asset management. It was founded by four co-founders and is led by the IOTA Foundation. It has two networks: mainnet and Shimmer.
The market cap of the MIOTA crypto has declined by 3.8% in the last 24 hours, resulting in a market cap of $917.515M. Moreover, the spot trading volume for the crypto has also witnessed a decline of 26.3%. It resulted in a traded volume of $28.752M.
The volume/market cap ratio of the MIOTA is 0.0194 and the market cap dominance results in 0.051%. Also, the current ranking of IOTA crypto in the global cryptocurrency market is 82nd as per Coingecko.
The current circulating supply of the MIOTA is 3.076B IOTA, which is 66.88% of its max supply. It further is followed by a fully diluted market cap of $1.37B and the max supply of the crypto is 4.6B IOTA.
MIOTA Crypto Derivatives Analysis
With a slight decline in the derivatives trading volume and the open interest, the IOTA has resulted in an open interest of $26.67M. The long/short ratio of the IOTA crypto in the last 24 hours is 0.8921 and the long liquidation of the crypto is $74.18K.
IOTA Crypto Technical Analysis
After declining to significant lows, the IOTA crypto price broke above a crucial resistance level of $0.2750. Furthermore, at the same level, a crucial change of character for the change in trend to bullish is situated.
The breakout in the crypto price led to the formation of bullish price action on the charts. The crypto price currently is sustaining above the breakout level and a further break above the level of 0.3740 can lead the price to the next resistance.
IOTA/USD Chart by TradingView
The IOTA crypto price is trading in a golden cross of the 50-day and the 200-day EMAs on the daily timeframe. The price of the crypto also has advanced above the EMAs forming bullish price action on the charts.
The RSI moreover is declining from the overbought zone and is leading towards the level of 50. If the RSI manages to sustain above the 50 level, further advances in the crypto can be seen in the upcoming days.
Conclusion
IOTA is a DLT that uses the Tangle to overcome blockchain limitations. The MIOTA crypto price has surged by 12% in two weeks and has broken above key resistance levels. The technical indicators are bullish and suggest that MIOTA can continue its upward trend and reach new highs.
Technical Levels
Support Levels: $0.1400 and $0.2330
Resistance levels:$0.67030 and $0.9040
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.