Yesterday, IOTA gained over 7% and entered into the Andrews Pitchfork support territory. The surge in the price of IOTA (MIOTA) was followed by a rise in trading volume as well. There was a bullish flag pattern which was supported above the $1.050 area short-term. The cryptocurrency is still one of the highest gainers in the list of cryptocurrencies. There was a key resistance at $1.00 during the early hours of trading today according to the price analysis of John Isige on FXStreet. During the last hour, the bulls broke through the resistance level and entered into the Andrew Pitchfork support level. The price of IOTA (MIOTA) is hovering around the 50% Fibonacci retracement level of the last slope from $1.24 to $0.89 after it hit $1.1.
IOTA (MIOTA) Price Analysis
The information on CoinMarketCap show that the trading volume of IOTA has been increasing. Over the last 24-hours, the price rise has supported the price volume. The cryptocurrency has recorded a $40,632,600 trading volume within the last 24-hours which is amazing compared to the $28,366,900 from Sunday’s trading session. The market capitalization of IOTA has also increased slightly from $2.7 billion yesterday to $2.9 billion today.
IOTA (MIOTA) Price Today – MIOTA / USD
IOTA will most likely break the $1.1 resistance level before the end of today’s trading session. If it is unable to break this resistance, the bullish flag pattern above $1.050 will support the bulls short-term. From the technical indicators, the relative strength index and the stochastic oscillator show that the sellers are attempting an entry into the market. Also, there is an increasing gap between the 50 simple moving average and 100 simple moving average showing that the buyers are reducing.
The next few hours of trading will determine if the price of IOTA (MIOTA) will keep rising or if the sellers will take over the market. The general cryptocurrency market trend is bullish as the bears are losing control of the market.