The IOTA protocol, better known as the Internet of Things (IoT), is up 6.75% in the past 24 hours, causing investors to see this as an indication to buy MIOTA for the long term. The decision to buy the digital asset should largely be determined by its technical and fundamental analysis.
MIOTA price analysis: the IoT maestro?
The recent positive changes in the crypto market have caused MIOTA to start another uptrend, with the IoT-focused asset trading north of $ 2 in early September. Brief price dumping has caused it to drop to $ 1.5 this month.
At press time, MIOTA is heading for an uptrend, with the digital asset up 6.75% and trading at $ 1.4989. Weekly gains of 26.47% show that given the increasing adoption of the protocol, several investors are now looking to buy MIOTA.
The IOTA protocol is not one of the top crypto bigwigs and ranks 43rd in the most valuable crypto asset rankings. However, a top 50 ranking shows a strong interest in the asset’s value proposition.
MIOTA has reached a fully diluted market cap of $ 4.1 billion after rising 0.28% in the past 24 hours. 24-hour trading volume is also up a whopping 151.63%, with over $ 590 million currently changing hands.
In the past few months, IOTA had seen remarkable growth and began to attract investor attention when its MIOTA token rose to $ 1.3091 on February 13, before falling slightly. In that exponential rally, MIOTA rose more than 500% in just one month. The digital asset didn’t give in, retested this price action and bounced back to $ 1.48 six days later.
Meanwhile, MIOTA became a crypto sensation after hitting an all-time high (ATH) of $ 2.5322 in mid-April. However, the crash of the crypto market in May forced the digital currency to lose more than 40% of its value. In a sustained downtrend, MIOTA traded at $ 0.85 for the four months the crypto market was in decline, hitting an annual low of $ 0.59 on July 20.
MIOTA Technical and Fundamental Analysis
Compared to the 20-day moving average (MA) support price of $ 1.2673, MIOTA shows strong bullish potential in the short term. A longer-term look at the asset’s 200-day MA performance shows that MIOTA is still poised for big uptrends. The digital asset is trading above the indicator price of $ 1.3137. The relative strength index (RSI) of 60.58 confirms this fact and points to further upward movements in the coming days.
If we look at the convergence and divergence of the moving average (MACD), we can get a clearer view of the market’s reaction to the asset. The green trend line is currently rising and shows that investors are again interested in buying MIOTA.
As an indication of a fundamental introduction, the IOTA protocol was recently tapped by the European Commission to support the further development of the European Blockchain Services Infrastructure (EBSI). The IOTA platform will address critical challenges related to the Digital Product Passport (DPP) through its IOTA identity solution and Intellectual Property Rights Management (IPRM) via the IOTA streams.
Similar to several crypto protocols, the IOTA blockchain seeks to support smart contracts. According to the roadmap, the self-executing lines of code are currently under development and will be deployed on a Layer 2 protocol.
This will be available on its Nectar test network and will support the Ethereum Virtual Machine (EVM) and Solidity so users can move digital assets and tokens with confidence. The EU partnership and integration with The Graph Protocol shows a bright future for IOTA.
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About Jimmy Aki PRO INVESTOR
Jimmy is a UK-based economist with outstanding hands-on and face-to-face experience in macroeconomic financial analysis, forecasting and planning. He has refined his skills through a cross-continental activity as a financial analyst, which gives him intercultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him to peek under the global hood to see how the world works.