- IOTA (COINBASE: MIOTA) price slid 1.03% on the past day and currently trading at $0.19.
- IOTA (COINBASE: MIOTA) derivatives data states that a total of $59.12K OI has been created on the long side against $0.49K OI on the short side in the past 24 hours.
IOTA is a crypto and ledger for the IoT. It uses a DAG to store transactions, aiming for more scalability than blockchains. IOTA has no miners but nodes that make a new transaction must approve two old ones.
MIOTA’s price is currently trading at $0.19 with a decline of 1.03% in the past 24 hours. According to CoinMarketCap data, IOTA crypto holds a total market cap of $534.08 Million and ranks 77th in the crypto market. It has received $13.37 Million in volume in the past 24 hours which is 5.7% more than the last day. It has over 2.7 Billion circulating supply which is 100% of the total supply. The volume to market cap ratio of IOTA coin is 2.51% which indicates low volatility in the market.
IOTA Price Prediction Using Price Action Strategy
The price prediction of IOTA cryptocurrency in the weekly timeframe showed a declining trend as the price was in a downtrend forming lower lows and lower highs. However, the price bounced back from the demand zone and surged by 30% in the last 4 weeks.
Source: IOTA/USD By TradingView
It is observed from the daily chart that the MIOTA price is trying to change its overall trend by forming an inverted head and shoulders pattern in the daily chart. Currently, MIOTA is busy forming the right shoulder of the inverted head and shoulder pattern. The volume analysis of the crypto shows the increasing participation of buyers in the coin as volume is increasing continuously for the past 6 days.
If the price is able to break above the neckline, then the price may break above to change its trend and surge higher.
Indicator Analysis
As per the EMA analysis, MIOTA’s price has the support of 20-EMA and 50-EMA which shows short-term bullishness in the market. Currently, it is trying to sustain above 100 EMA. For the price to change its trend, it has to surpass the hurdle of 200 EMA.
At the time of publishing, the RSI value of IOTA is 61.29 and the SMA line is 55.19. RSI is in a continuous uptrend and it is taking support from the SMA line. This indicates the buyer’s domination in the market.
MACD lines have made a bullish crossover and histogram bars are being formed above the mean line with increasing height. Overall, MACD is bullish in the short term for the IOTA coin.
Conclusion
IOTA (MIOTA) coin price prediction concludes that the price is trying to form an inverted head and shoulder pattern in a daily timeframe. Now, if the price is able to break and sustain above the neckline and makes a breakout, then the MIOTA price may surge higher. Also, it will result in an overall trend change in the market. The indicators are also showing positive sentiments about the price movement.
Technical Levels
- The support levels of MIOTA at $0.15 and $0.137.
- The resistance levels of MIOTA at $0.205 and $0.228.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
