Highlights
- With a new advance, IOTA / USD breaks the central barrier
- The final phase of the Chrysalis network upgrade published by IOTA
IOTA’s price continues to rise in quiet trading as buyers have made significant strides on the upside targets towards the $ 2.0 level while providing momentum for a sustained rebound to previous high levels.
IOTA price hit the two-day high at $ 1.96 on Thursday after its uptrend showed buyers would continue to push for some time, draining the dollar and adding to the attractiveness of the tokens.
A fresh push had broken the key barrier at $ 1.70 (March 26th high), with a firm break to create a bullish signal at $ 1.95 after the close of a new year. The daily timeframe shows that momentum is picking up momentum and moving north after being in an area around the center line for a few days and the moving average (MA 50) supporting the bullish configuration while the rising trendline can provide headwinds.
At the time of writing, IOTA / USD remains positive at $ 1.96 today, with the token above its highs from the previous day of $ 1.88. IOTA’s 25th market capitalization ranks 25th and is now at $ 5.38 billion with a trading volume of $ 272 million in the last 24 hours.
In an official blog post on April 5th, IOTA announced the final phase of the Chrysalis network upgrade. It was said –
Over the past year we have been working on changing the IOTA protocol to production readiness. We are now in the final phase of the biggest upgrade in IOTA history. Today we are happy to announce that the official start date for Chrysalis network migration begins on Wednesday, April 21, 2021. The network upgrades will officially take place on Wednesday, April 28, 2021. The first phase of Chrysalis was deployed on the IOTA network in August 2020.
IOTA Price daily chart
IOTA / USD daily chart | Source: TradingView
In the daily timeframe, buyers have pushed the price of IOTA above the confluence zone at $ 1.70, signaling that the uptrend has resumed. The IoT cryptocurrency will now exceed the next $ 2.0 target, where bears will resist. The IOTA / USD pair could rebound towards $ 2.10 if it maintains its break above $ 1.96.
The RSI is trading above its midline of 50 and in positive territory. While both moving averages are rising, suggesting that bulls are in charge. On the other hand, if the price falls from current levels and the bears manage to push the IOTA price below USD 1.70, the price could fall to the MA 50 at USD 1.40. A break below this level could mark the beginning of a heavier correction.
- Offer levels: $ 2.20, $ 2.10, $ 2.00
- Demand levels: $ 1.88, $ 1.70, $ 1.60
If the MA 50 asserts itself as a support zone, in the event of a correction, the price of the token can seek a recovery, first at USD 1.50, then at USD 1.60 and then at USD 1.70.
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