The value of IOTA (MIOTA) broke its way through the support level at $1.70 and $1.50 -$1.45. during the trading period over the weekend. A huge selloff in the crypto market saw a lot of digital currencies and altcoins in the market tanking to test the lower lows trading at the end of last month.
The Support and Resistance Level of IOTA (MIOTA)
The value of MIOTA against the US dollar found a support marginally above the $1.30 level although the digital currency is facing a resistance at the $1.40 mark.
IOTA Price Today: Current Price of MIOTA
At the time of writing, IOTA (MIOTA) is trading at $1.37 after a decrease of 2.88 percent in the last twenty-four hour. The digital currency is ranked 9th with a market cap of $3.81 billion.
A New Development That Could Increase the Value of the Coin
In the time being, IOTA will explore a new Proof of Concept (PoC) with Volkswagen. Johann Jungwirth (the Chief Digital Officer at Volkswagen) said that with the partnership both entities will show the ability of the Tangle software of IOTA to transmit over the air (OTA) software updates to cars that are connected. The demonstration of the project is scheduled for the Cebit 2018 which will take place today, June 12, 2018.
Technical Price Analysis of IOTA
The present value of IOTA is $1.37 and it is currently facing resistance at the $1.40 level. The distance between the 50-day simple moving average and the 100-day simple moving average is increasing, and this signals that there’s a prevalence of selling bear pressure in the short-term.
Besides, the relative strength index on the two-hour chart of the coin is pointing south. On the upside, the value of the coin will face resistance at the 61.8 Fibonacci retracement level with the previous swing from the high of $1.97 to the low of $1.33.
Moving above this mark will pave way for IOTA to test the major resistance level at the $1.75 mark before gaining momentum to move towards $2.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.