IOTA Price Analysis: MIOTA Weekly Gain Smashes Over 15.00% Amid Strong Fundamentals

IOTA’s technical diagram underscores the strong upswing

  • IOTA has developed consistently positive since last week
  • However, the IOTA price is still due for a positive breakout above the main resistance level of $ 1.50
  • The IOTA / BTC pair is also doing well with an overall gain of 1.55% over an hour.

Source: Coinmarketcap

On the weekly chart, IOTA avoided a negative breakout above the crucial USD 1.00 level with the help of a support level of USD 1.20. The support level ensured a positive rebound in the crypto asset, which continues in the current market session. The positive momentum is also helped by the fundamentals of the community as an upgrade to the Firefly wallet was introduced last week. The CMP is at $ 1.44, with an overall gain of nearly 3.00% over the course of the day. The market capitalization has reached $ 4.24 billion with the 24-hour volume trading at $ 85.18 million.

Technical analysis of IOTA (MIOTA)

IOTA’s technical chart shows the strong rebound in price levels after testing the critical USD 1.00 support area. Given the ongoing uptrend in the coin, the price level may seek a simultaneous test of the strong resistance at 1.00 fib. However, the IOTA price has to keep sustainability above 0.686 fib at the same time.

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Current levels may be above the baseline of the Bollinger Bands, which can be seen as a positive sign for testing the resistance at $ 1.5.

The relative firmness index is still showing sideways movement (possibly due to the approach of the resistance zone). A positive breakout above 60 can help target the overbought trajectory.

The convergence and divergence of the moving average has increased above the histogram and has started to develop green bars that can help keep the positive momentum in the upcoming trading sessions.

Resistance level: $ 1.50 & $ 1.54

Support level: $ 1.20 & $ 1.00

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