IOTA (MIOTA) recently surged over its key resistance at the 55 cents mark and traded over the 70 cents level against the U.S dollar before pausing the upward trend. The digital currency is on a tear, but it needs to make a fast consolidation in order to amass enough bullish traction from there.
IOTA (MIOTA) Price Today – MIOTA / USD
At the time of writing, IOTA (MIOTA) is trading at $0.72 after an increase of more than 15 percent over the past twenty-four hours. The market cap of the digital currency has also seen an upsurge, bringing it to $1.97 billion with a trading volume of $91.72 million over the past twenty-four hours.
IOTA (MIOTA) Technical Analysis
The 100-hourly simple moving average is over the longer-term 200-hourly simple moving average to indicate that the path of least resistance is currently heading north. This means that the upward trend is more likely to continue than to reverse.
The distance between the indicators is also broadening to indicate strong bullish pressure. Also, the 100 simple moving average coincides with the 50 percent Fibonacci retracement level to increase the support around the area of interest.
The 200 simple moving average coincides with the 61.8 percent Fibonacci retracement level to act as an additional hurdle. A bounce off any of the Fib levels could attract bullish pressure and enable the digital currency to resume its upward movement. On the other hand, a break beneath the lowest trendline and Fibonacci retracement level could signal a sell-off.
The significant increase in the value of IOTA (MIOTA) came from its recent partnership with Fujitsu to be incorporated into its supply chains and manufacturing verticals to enable better data trust, transparency, and data security.
This support IOTA (MIOTA)’s legitimacy when it comes to practical use cases, and it also puts the digital currency in a better spot to leverage the risk rally so far this week.