The IOTA price is rising as demad for the digital coin continues to rise. The MIOTA is trading at $1.4827, which is 14.87% above last week’s low of $1.2873 and 20% below its all-time high of $1.8552. It has risen by more than 440% this year and is the 28th-biggest cryptocurrency in the world.
What is IOTA? IOTA is a blockchain project that was among the first one to focus on the Internet of Everything. It works as a platform for exchanging data between humans and machines. Unlike other currencies, it does not have blocks and miners.
Instead, when you send an IOTA transaction, you validate two other transactions, making it highly scalable and cheap. In the past few months, demand for the network has been on a strong upward trend as more people look for stable and more efficient networks.
The four-hour chart shows that the MIOTA price has been in a strong upward trend. As shown, the price has formed an ascending channel pattern that is shown in black. It is slightly above the lower line of this channel and is slightly above the 25-day moving averages. It is also slightly below the 23.6% Fibonacci retracement level.
Therefore, in the near term, I predict that the price will keep rising as bulls target the upper side of this channel at $1.667. However, a decline below the support at $1.30 will invalidate this trend.
