- IOTA has a strongly bullish market structure, up over 126% in a week.
- On-chain data and market indicators suggest further growth ahead.
IOTA price has noted massive outperformance amid the ongoing rebased voting. It surged more than 126% in a week and approached the highest trajectory since May 2022.
Moving forward, the token triggered a falling wedge breakout and was riding an impressive wave of market optimism. It was fueled by increased volume surge and strong price action.
When writing, the IOTA crypto traded at $0.5002, noting a minor decline of over 4.30% intraday. That replicated signs of profit booking. Its market cap fell to $1.76 Billion, ranking 75th among the top crypto coins.
Over the past two weeks, IOTA crypto showed a one-way price rally, and bulls have demonstrated dominance. Can IOTA maintain this upward momentum, or will market forces push it back?
IOTA Bulls Eye $1: Analyst Projection for the Price Path
A recent tweet by Ted added further weight to the bullish case. He said that the IOTA crypto parabola is still intact and could see the $1 mark by the end of this month.
A retest of the 78.6% Fib zone of $0.4300 would present a better risk to reward for going long. The current price action guided a bullish case, as the altcoin rested above the key EMAs.
IOTA’s co-founder Dominik Schiener disclosed that a potential approval of the Rebased protocol could pave the way for ecosystem transformation. That includes Exchange-traded products (ETP) and Exchange-traded funds (ETF).
Furthermore, he added that IOTA staking would accelerate institution adoption. Moreover, investors would be offered staking rewards of 10 to 15% APY.
IOTA Price Prediction: Are Whales Buying?
On the daily timeframe, the IOTA price traded in a strong uptrend, forming higher high swings. It has maintained an upward trendline support and still respects the previous day’s low support.
If IOTA crypto maintains the upward trajectory, it could challenge its next significant resistance level at $0.6300. It is a critical zone where the price has previously faced rejection.
A successful break above this level could open the door for the asset to surge as high as $0.8600 and $0.9000. That could potentially reclaim its 2022 high of $0.9600.
The Relative Strength Index (RSI) reading was 88, signaling overbought conditions. It represented that the retail money is now FOMO-ing in. While bullish momentum is building in, watching for a retest before committing is essential.
The on-chain data showed a bullish picture; the net network growth was up by 0.63%. The concentration metric was slightly bullish. Moreover, the large transactions surged by 6.06%, suggesting increased interest from big players.
What Does Derivatives Data Suggest?
Data from Coinglass indicated that the Open Interest (OI) has dropped over 1.90% to $97.03 Million over the past 24 hours. However, the OI-weighted funding rate remained positive at 0.1164%, hinting at the sustained demand for long contracts.
The immediate support zones were $0.4800 and $0.4670. At the same time, the resistance levels were $0.5100 and $0.5320.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
