The price of IOT is trending higher into the bullish territory in what appears like an unstoppable bull run. Within the last 24 hours, there has been a 12% rise in price that has pushed the price of IOTA (IOT) to the $0.7800 region. Earlier today, IOT was changing hands at $0.7700. This is rather impressive considering the fact that the cryptocurrency reached a bottom of $0.40 a few weeks ago.
Why Is IOTA (IOT) Rising?
IOTA (IOT) has almost doubled the $0.40 low. Apart from the fact that the rise in price is largely related to the bull run in the market that is being led by Bitcoin, IOTA is a solid project that has many use cases. The IOTA Foundation has been working on many projects in collaboration with other reputable organizations to make the IOTA platform number one in the industry. The tech company has put a lot of interest in the automotive industry recently. IOTA intends to dominate the Internet of Things. The fact that Iota is focusing most of its resources on IoT makes it attractive to companies in that field of interest.
IOTA (MIOTA) Price Today – MIOTA / USD
The IOTA Tangle has been making waves in the industry for a while now. This software is based on the IOTA technology and it enables machine to machine communication. IOT devices, through Tangle, will be able to share information and make transactions without the need for manual manipulation. This, and many other use cases of IOTA has contributed to the rise in price.
IOTA (IOT) Price Analysis Now
Today, the first resistance was at $0.7850. If this resistance is broken by the price action, the move upside will continue and IOT may rise as high as $1.00 Medium-term. The price support is at $0.6540 which was the low of Tuesday there is another support at the 100 hourly simple moving average at $0.6048.