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IOTA Technical Analysis - Price Steadies, But Fundamentals Remain Strong

Updated: Jul 25, 2024
Published: Jun 21, 2019
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Ranked 17th by market capitalisation, IOTA is a project that keeps adding supporters. “Enabling the true Internet-of-Things through the Machine Economy” is IOTA’s most powerful slogan. The permissionless and open-source DLT is tackling microtransactions and data integrity, and overall, they have done quite a good job applying its scheduled roadmap.

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Last month, IOTA ensured full decentralisation by removing the well-known “Coordinator”. The latest solution had an impact on IOTA's adoption, with effects on transaction costs and scalability. The market is slowly realising the intrinsic value of IOTA’s tech. This is certainly not the first or the last milestone improvement that the team will release and bulls are aware of it.

The project keeps being an outstanding investment with its current price being $0.4357 and an all-time high $5.69.  IOTA’s volume has been increasing gradually since the end of May, with volume edging from $20.4M to $43.8M in the last month.

Analysing daily price action, an uptrend can be identified since May 17th.  Bulls have rejected the $0.37490- $0.3970 level several times, with many wicks showing a clear rejection of the area.  If the bullish pattern continues to be met, then we can see IOTAUSD reaching $0.5673 once again (blue zone). The last time price reached the area was the 30th of May. In less than 22 days, the price surged more than 113%, becoming one of the biggest and fastest gains in the crypto space this year.

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Breaking down the 4H chart, it is clear that price action is now rejecting the $0.4041 level.  The last 4H candle is showing the entrance of the bulls in the zone named before. Taking as a baseline the charts presented in this article, two scenarios are possible. As price is now spiking from the $0.4050 ascending band (demand level), the next possible targets will be $0.4615 and $0.5692 respectively. If the key support is broken, then bears will push the price back to $0.3743 approximately.

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