The cryptocurrency market awaits another bullish impulse to ride higher. IOTA (MIOTA) has ticked higher since the rebound on the $0.94 level on Aug. 30, marking the fifth consecutive day in the green. MIOTA price leaped another 31% today, trading at $1.91 as of press time. Taken from lows of $0.94 to today’s high of $2.0, IOTA has risen a total of 112% since Aug. 30. IOTA’s total market cap now stands at $4.92 billion with a trading volume of $446 million in the past 24 hours. The IOTA Foundation has announced the release of Firefly 1.2.0, which introduces support for the Ledger Nano hardware wallet. It is now possible for Ledger users to migrate their funds to the new Chrysalis network, and experience the speed and reliability of the much-improved IOTA protocol.
Key Levels
Resistance Levels: $2.744, $2.400, $2.000
Support Levels: $1.500, $1.289, $1.100
IOTA/USD Daily ChartIOTA is extending yesterday’s gains, which catapulted the price up from around $1.46 to highs of $2.00 today. The initial thrust of the rally overtook the MA 200 ($1.29) and the $1.70 level. Bulls rode on the impulse gathered from the MA 50 at $0.97 on Aug. 31. The medium-term oscillators are conveying that upside momentum is growing, with the RSI improving in overbought territory. Immediate resistance on the upside is around the $2 psychological level.
Therefore, a sustained break above the $2.06 barrier might open the doors for more upsides in the near term. The next key resistances are near the $2.46 and $2.74 yearly high. On the downside, initial support is near the $1.49 level. If there is a downside break beneath here and also the moving averages 50 and 200 at $0.97 and $1.29 respectively, the IOTA/USD pair could retreat towards the $0.67 support level.
IOTA/USD 4-Hour ChartIOTA price received a positive thrust above the $0.96 support on Sept. 1. The bullish picture remains intact, something backed by RSI and the near convergence of the SMAs. Their upwards tilt may further suggest that the current path may endure a little longer. If buyers manage to push above the $1.97 high, the $2.06 and $2.46 levels ahead of the $2.74 yearly high may be the next targets.
On the contrary, apart from the $1.67 and $1.27 levels, a decline might be stopped solely by the moving averages 50 and 200 at $1.19 and $1.06 respectively. Summarizing, IOTA’s newfound bullish charge may remain intact if the price closes above the $1.70-$2.00 boundary. However, near-term profit-taking may ensue to cool the RSI. Likely corrective dips are expected to be contained by the $1.46 and $1.29 levels.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
