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      IOTA (MIOTA) technical analysis: Major resistance upcoming - Stocks Telegraph

      By Muskan

      Published on

      May 6, 2021

      9:34 AM UTC

      IOTA (MIOTA) technical analysis: Major resistance upcoming - Stocks Telegraph

      IOTA (MIOTA) stands at a price level of $2.14, at the time of press. IOTA coin has been up by 10% in the past twenty-four hours while the daily trading volume has also increased by 13%. In the current bullrun, the cryptocurrency was able to establish its 52-week high at $2.68 while the all-time high of 2018 at $5.69 remains untouched. Iota suffered from market corrections after the 52-week high was established but the coin may appear to have picked up bullish momentum, once again. Iota coin is ranked at twenty-nineth in the market with the capitalization increasing by 10%.

      IOTA technical analysis

      Iota coin has been following as uptrend identified by a trader since early March. Iota has been surging amidst the bull run of the new year and has been one of the well performing cryptocurrencies.

      Per the trader, Iota coin is facing strong resistance at the price level of $2.49. The cryptocurrency have had multiple rejections at the price level and acting as a major resistance, breaking it would indicate increased bullish momentum of the coin. During pullbacks, Iota has also broken out of the trend line but it ultimately reaches back above the ascending trendline – indicting it to be strong support.

      According to Wallet Investor, Iota coin is going to be valued at $2.70 by the end of the year while Digital Coin price has set the target of $3.3 for the year end. It is likely then that the coin will break the major resistance at $2.49 by the end of the year.

      What is IOTA?

      IOTA may be considered as the next stage in the cryptocurrency sphere. It is a distributed ledger but it’s not a blockchain. As appealing as the blockchain technology is, it certainly has its limitation. Iota is a propriety technology known as Tangle. As it is not a blockchain, Iota does not have any miner and, hence, any fees. The foundation behind the technology says Iota offers much higher speed than conventional blockchains. The goal of the platform is to become the network for IoT transactions between devices.

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