- The IOTA price has declined 23.67% during the weekly trading session.
- Technical indicators summary reflects neutrality in the current session.
- The trading volume has decreased by 7.62% in the last 24 hours.
IOTA is an open-source product suite for individuals, businesses, and institutions to use in Web3. It is a distributed ledger technology (DLT) that features unique architecture. IOTA aims to offer solutions to establish a secure and permissionless infrastructure. That can drive the economy of the future with its staging network Shimmer. It delivers tools for creating and managing custom layer 2 (EVM) chains.
IOTA Has Witnessed 111.87% Growth in the Last Six Months
The IOTA crypto price has started a major bullish move from the $0.1447 support level. The price broke above the major trendline at the $0.1511 level, resulting in an upsurge of over 140% to the $0.3708 resistance. Afterward, it made a bullish correction to $0.1960.
The price made multiple short-term highs during the bullish correction from the $0.3708 resistance. In January 2024, the price rallied upward and gave a breakout from the $0.3708 resistance. The price got multiple strong responses from the $0.2064 demand zone.
IOTA cryptocurrency’s fully diluted market capitalization is at $1.451 billion. The maximum supply of the tokens is set to be 4.60 billion, of which 3.19 billion tokens are currently in circulation. At present, market capitalization stands at $1.006 billion.
Price to Volume and Social Dominance Analysis
IOTA’s social dominance is pretty stable compared to the price. The volume and price gained much attention in early March 2024. However, after March 17, the price and volume experienced some drawbacks, but social dominance is still stable.
The 24-hour trading volume is $38.32 million, ranking 228th out of all 9,205 active cryptocurrencies. The current social dominance is at 0.104% in the entire cryptocurrency world.
Technical Analysis of the IOTA Price
The 50-day and 200-day exponential moving averages had a golden crossover on December 1, 2023. Afterward, the price witnessed an impulsive bullish move to the $0.3708 resistance. Currently, both the EMAs have become a dynamic support for IOTA.
The analysts have observed multiple bullish rejections from the $0.2064 demand zone. It reflects that investors do not want the price to fall during the current sessions. It gave a breakout from the $0.3708 resistance and is trading on the decisional POI.
The relative strength index (RSI) reflected an internal bearish divergence in the price momentum. It indicates that the selling has increased in the current sessions compared to the buying. RSI is moving at 48.33 below the 50-mark middle band.
Summary
The IOTA price has been performing in an uptrend since November 2023. The technical indicators summary suggested a neutral perspective on the current trading sessions. The current price has retested the $0.2682 decisional point of interest and can continue the bullish rally toward the $0.4407 level.
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 any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.