IOTA (MIOTA) has been trading below the psychologically crucial $1 mark over the last few days. However, looking at other technical indicators, the coin still has a bullish outlook. Once it breaks above $1, expect more gains to follow. Analysis to follow below but here are some highlights:
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Despite falling under $1, MIOTA is still trading above its 20- and 50-day simple moving averages
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At press time, the coin was trading for $0.95, down about 3% compared to the last 24 hours.
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For any bullish rally to occur, MIOTA must test both the 100- and 200-day SMAs in the coming days.
Data Source: Tradingview
IOTA (MIOTA) – Price analysis and prediction
For the last few days, IOTA has moved largely sideways. Although it has rallied with other crypto assets in the last week, we have seen the price action slow a bit with minimal volatility.
But most investors are watching to see if the coin can cross over the psychologically crucial mark of $1. If this happens, it is likely that MIOTA will test the overhead resistance of $1.7. Even if it doesn’t cross that threshold, by simply getting near, investors could pocket gains of nearly 40% in the short term.
Also, the RSI appears to support this bullish thesis. But if indeed MIOTA fails to cross $1, it will fall to the next support of $0.7 before it finds sufficient demand to surge again.
Is IOTA (MIOTA) a good coin to buy?
IOTA is a decentralised ledger that is not actually a blockchain. It is designed to offer the benefits of traditional blockchains without the added high fees and slow speeds. IOTA remains an underrated project, and as concerns for network efficiency rise in the future, its proprietary technology will be hot.
At $2.2 billion in market cap, there is a very real chance that MIOTA could surge even further in the future. It is a great buy for long-term crypto investors looking to unlock value.