- Summary:
- The IOTA price surged to its best daily percentage gain since September, as cryptocurrency investors finally 'Bought the Dip'.
The IOTA price surged to its best daily percentage gain since September, as cryptocurrency investors finally ‘Bought the Dip’.
A massive surge in trading volume lifted IOTA (MIOTA) off the canvas to an intraday high of $1.317 on Tuesday as investors positioned themselves for a year-end rally. For the first time in a while, Cryptocurrency watchlists were a sea of green, with the majority of coins and tokens posting gains. Bitcoin’s bounce to $49k, and Ethereum recovering $4k, spurred a wave of dip-buying in altcoins.
Yesterday’s impulse move higher has helped IOTA add more than $700 million to its market cap in the last week, lifting it to #44 in the crypto rankings. However, despite the bounce, IOTA is down -11% month-to-date, -55% from the 2021 high, and -80% below the all-time high. Nonetheless, holders will be relieved that MIOTA made several technical breakthroughs.
MIOTA Price Forecast
The daily chart shows the IOTA price bounced from the psychological $1.000 support level. The coin cleared the 200-Day Moving Average (DMA) at $1.155 and is now grappling with the 50, and 100-Day indicators.
Decisive clearance of the 100-DMA at $1.310 targets the distribution zone between $1.500-$1.700. Previous extensions above $1.500 in the last two months have attracted selling. Therefore, the IOTA price will struggle to advance above $1.700 unless the crypto complex reverts to a bull market. However, yesterday’s price action is constructive and becomes more so above $1.310. On the other hand, if the 100-DMA rejects MIOTA, the relief rally may fade.
For now, the early signs are encouraging. Nonetheless, it’s difficult to predict if the recent price action is sustainable. For that reason, I am on the sidelines today, waiting for the formation of the daily candle to provide trading cues.
IOTA Price Chart (Daily)
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