A lot of changes are affecting the major cryptocurrency markets today. With the IOTA price noting double-digit percentile gains, a strong tone is set.
Other markets are likely to follow suit, albeit it all hinges on what happens to Bitcoin in the coming hours.
Current IOTA Price Momentum is Promising
The past 30 days have been lucrative for holders of most cryptocurrencies. In the case of IOTA, or MIOTA, there is a net 77% gain over the past 30 days. Such profits cannot be achieved outside of the cryptocurrency industry, unless one has a unicorn stock in one’s portfolio. Chances of that happening are slim to none, however. In the crypto world, this sort of bullish momentum comes around on a somewhat regular basis.
This week, the IOTA price gained nearly 16%. Today’s 10.2% gain helps to achieve those high numbers. Just a few days ago, one MIOTA was valued at just $0.227839. Today, it is worth $0.2859, with the price likely to rise even further throughout the day.
One potential hurdle is the relatively low trading volume. Just $30.7 million in IOTA trading volume is not too impressive. However, it appears sufficient to keep this momentum going. Binance’s USDT and BTC pairs are contributing the most volume so far. MIOTA/USD on Bitfinex is also worth keeping an eye on.
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IOTA/USDT Technical Indicators
Bollinger Bands: Following all of the recent IOTA price action, the Bollinger Bands haven’t narrowed yet. That is a bit surprising, given the low overall trading volume. However, following the current daily candles, this uptrend can remain in place at least for today.
Moving Averages: On the daily chart, the MA20 is well above the MA50 for MIOTA. Another interesting factor is the looming crossover between the MA20 and MA200. A bullish cross is likely to form, indicating a continuation of the upward momentum.
RSI: Despite being in seemingly overbought territory, the MIOTA RSI shows no signs of slowing down. It continues to angle upward. For all intents and purposes, this is a bullish signal. However, there may be a temporary minor sell-off to retest the previous resistance at $0.2545, which was broken yesterday.
Fibonacci Retracements (IOTA/USD): Looking at the Fibonacci Retracements, interesting things are apparent. The IOTA/USD value is quickly approaching the 38.2% Fib level, sitting at $0.3012. This is usually a crucial level that can confirm or reject a further uptrend. A good point to potentially scalp some profits and wait for a minor retrace.
Resistance Levels: The $0.3012 Fib level will be the first big hurdle to overcome. If the IOTA price uptrend remains intact, the next resistance sits at $0.326. Breaking both in a successful manner can trigger a strong push to $0.3475, or the 50% Fib level. Some minor points of resistance may emerge along the way, however.