The price of IOTA has been able to break out short term. It is depending on a long-term support that gave the bulls some power in the market. The support was formed after the price of IOTA suffered a fall by over 50% within the first half of the month. Today, IOTA (MIOTA) is up by 4% trading at $0.495 near the days high. The price is near the breakout point and as soon as it breaks out, IOTA (MIOTA) will rise by up to 10%.
IOTA (MIOTA) Long Term Price Analysis
The bullish break is a good thing. It is going to save IOTA from the bearish pressure that has been a stumbling block to upward movement throughout this week. The long-term trendline has offered a supporting hand acting as resistance. This isn’t the first time the trendline would be acting as resistance. In the past, this long-term trendline has served as a strong resistance. It has prevented the price of IOTA (MIOTA) from falling too low.
Long-term, the price action is positive and IOTA is trading in the bullish territory. If the bulls are able to maintain their hold against the bears in the market this week, the price may trade high this coming week. However, if the bulls lose their control and the bears retake the market, the price of IOTA may fall lower in the coming trading sessions.
IOTA (MIOTA) Price Today – MIOTA / USD
IOTA isn’t the only cryptocurrency that is facing difficult in the market. The past two weeks have been bloody for all cryptocurrencies starting with the Bitcoin falling below the $6500 level. This is the best time to build your portfolio and buy as many cryptocurrencies as you can. IOTA is one of the most reliable projects in the market. Buying it now when the market is taking a downturn is a good way to maximize your investment. No doubt, the last quarter of 2018 is going to be glorious for the cryptocurrency industry.