IOTA (MIOTA) price is posting gains in the last 24 hours. At the time of publication, IOTA was changing hands at $0.305, up 10.06% in the last 24 hours and up 16.66% in the past week. IOTA was also demonstrating a 1251% increase in trading volumes at press time.IOTA’s staging network is set to go live within the next 48 hours. According to the most recent announcement, the Shimmer network will go live on September 28. Dominik Schiener, co-founder and the chairman of the Iota Foundation, tweeted about the milestone reached. “This is the week where, for the first time since the start of IOTA in 2015, we launch a new token to the world. Couldn’t be more excited for what will follow.” Shimmer is an incentive Layer 1 innovation network designed to accelerate the development of feeless and highly interoperable digital assets and token economies.
Key Levels
Resistance Levels: $0.4000, $0.3711, $0.3200
Support Levels: $0.2505, $0.2300, $0.2066
IOTA/USD Daily ChartThe IOTA/USD pair took advantage of the cryptocurrency market’s weakness, recovering from a low of $0.2500 while holding onto recent gains on Monday. The crypto pair then rebounded, increasing by almost 12% daily, and is currently trading at $0.3050. In the previous hour, the IOTA/USD pair spiked to new session highs at about $0.3151 level before stabilizing.
In the bigger structure, IOTA/USD’s decline from its yearly high ($1.4866) level is still in progress. Continuous breaks might be present, leading to the yearly low level of $0.2234 level. For the rebound to continue on the upside and to suggest a near-term bottoming, it needs to break through the $0.3711 immediate resistance level.
IOTA/USD 4-Hour ChartIOTA/USD’s rebound has so far quickened and reached the level of $0.3151. The 4-hour moving average (MA 200) at the $0.2800 level projection may provide some support. However, breaking through the $0.3200 minor resistance level is necessary to confirm the short-term bottoming.
The intraday bias on the IOTA/USD remains positive at the moment. Breaking below the $0.2800 level will signal a potential for new declines. However, the intraday trend is increasing. The level of $0.3200 over the short term is the next objective. A break below the minor support level of 0.2800, on the other hand, might reverse the bullish bias and continue the sideways trading.
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