- IOTA (MIOTA) is one of the few assets with an uptrend intact after rising for the 7th straight day
- At the time of writing, IOTA was trading at $ 0.836, up 13.90% over the past 24 hours and 43.52% on a 7 day basis
- IOTA ushers in a new era of decentralized identity
The bulls used to take a breather in the cryptocurrency market, but the general uptrend remains intact. IOTA (MIOTA) is one of the few assets with an uptrend intact after rising for the 7th straight day. At the time of writing, IOTA was trading at $ 0.836, up 13.90% over the last 24 hours and 43.52% on a 7-day basis with a current market cap of $ 2.41 billion. Michele Nati, Head of Telco and Infrastructure Development at the IOTA Foundation, explains in a recent interview how IOTA ushers in a new era of decentralized identity. He said, “We are also testing the decentralized identity, not just for individuals but also for a company,” while referring to IOTA’s innovation action project called ENSURESEC. The top manager also believes in “complementarity” between central and decentralized ID systems.
Resistance Levels: $ 1.5000, $ 1.2891, $ 1.1000
Support levels: $ 0.7000, $ 0.5717, $ 0.3461
IOTA / USD daily chart: Ranging
IOTA / USD daily chart
IOTA started another spike after testing the USD 0.57 support on July 20. The IOTA price continued to rise and was in the green for the 7th day in a row. There was an approach to the MA 50 at $ 0.852, with the digital asset climbing above the key barrier on July 27, hitting highs of $ 0.903. The momentum indicators confirm the recent bullish move with the RSI entering positive territory at 60.
A sustained move above the MA 50 to hit the MA 200 at $ 1.20 could push the IOTA / USD pair towards the $ 1.50 level before flirting with the psychological grip of $ 2. Further increases could cause the bulls to retest the range between $ 2.27 and $ 2.50 from the year high of $ 2.74. Alternatively, a fall below the MA 50 at $ 0.852 could retest the $ 0.57 support.
IOTA / USD 4-hour chart: Ranging
IOTA / USD 4 hour chart
Looking at the 4-hour chart, the IOTA / USD pair remains well above the USD 0.767 level or the 4-hour MA 200 bid. Immediate support is also forming near the USD 0.822 level. A price retracement could move the IOTA / USD pair towards main support at the MA 200 (0.767). IOTA has bundled levels of support in approaching MA 50.
If bearish traders break below the MA 50 from around $ 0.706 now, support levels at $ 0.642, $ 0.629, and $ 0.573 could save the bulls. On the flip side, the IOTA / USD pair is now trading above the 50 and 200 moving averages. If it remains stable above the MA 200 at USD 0.766 and above USD 0.90, there are high chances of further gains towards the levels of $ 1.5 and $ 2.5-2.74. In conclusion, continued move above the moving averages will cement the bullish outlook.
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