- The IOTA coin price had a massive buying on February 28, 2024.
- The current IOTA price is trading above the 50-day and the 200-day EMAs.
- IOTA has witnessed 18% growth during the weekly trading session.
IOTA is a distributed ledger technology (DLT) built on a directed acyclic graph (DAG) called the tangle. It is a multi-dimensional blockchain with unique architecture and an open-source product suite for individuals, businesses, and institutions to use in Web3. The IOTA token has a total supply of 4.60 Billion IOTAs, and the smallest denomination of IOTA is called “micros” with six decimal points. So, the entire supply amounts to 4.60 Quadrillion micros.
IOTA Has Experienced Maximum Growth During the Last Six Months
In October 2023, the IOTA coin price broke from a long-lasting trendline forming in February 2023. The price got a bullish response from buyers on the $0.1447 demand level, resulting in the trend breakout. It surged 47% during that rally.
The IOTA coin price broke through the $0.1960 resistance level. The breakout was responsible for the change of character in the price movements. Market sentiments also changed due to that change, resulting in an impulsive bullish move.
Consequently, the price increased by over 100% from the $0.1792 crossover level. It reached the $0.3708 resistance level above the previous year’s high price. The price had a demand level of $0.1960, serving the current bullish.
The IOTA coin price is moving toward the $0.3708 resistance. The all-time high price of IOTA is $5.69, and the current price is performing 94.31% below. IOTA’s market capitalization currently stands at $1.01 Billion, ranked 100th among other cryptocurrencies.
Technical Analysis of the IOTA Coin Price
IOTA coin price is moving above the 50-day and the 200-day EMAs, reflecting a bullish trend. The price quickly struck below both EMAs and returned to the uptrend recently. It made the 50-day and the 200-day EMAs minor and major supports.
IOTA coin price took support on the $0.2064 demand level. The price moved upward and broke above the $0.2682 resistance. It indicated the $0.2064 level is strong support for the IOTA coin price, preventing it from falling.
In the last five trading sessions, the IOTA coin price witnessed massive buying at $0.2064, resulting in a quick bullish strike. This reflects that the buyers are strongly leading the current price, which can result in a breakout of the $0.3708 resistance.
The relative strength index (RSI) reflected an internal bullish divergence in the price momentum. It indicates that the buyers hold more dominance over the current IOTA price. RSI is moving at 63.50 above the signal line.
Summary
The IOTA coin price is moving in a strong, bullish trend. The price got a remarkably bullish response from the buyers in the last five trading sessions. It is moving toward the $0.3708 resistance level at press time. It can claim the $0.4407 resistance level if it closes above the $0.3708 resistance.
Technical Levels
- Resistance Levels: $0.3708 and $0.4407
- Support Levels: $0.2488 and $0.1960
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks and crypto comes with a risk of financial loss.