IOTA’s price landscape is becoming increasingly intriguing. As of today, IOTA stands at $0.162407, marking a modest increase of 0.63% within the past 24 hours.
With a significant trading volume of $14,380,606, speculations about potential whale investments are rife.
CoinMarketCap ranks IOTA at #71, and with a consistent circulating and maximum supply of 2,779,530,283 MIOTA coins, its current market capitalization rests at a substantial $451,413,888.
The pressing question on everyone’s mind is, with the influx of this $10 million trading volume, are the big players making their move on IOTA?
Examining IOTA’s technical landscape reveals a surge of bullish momentum, following a strong support foundation around the $0.1325 mark.
As evidenced by the daily timeframe, the coin has successfully surpassed the 38.2% Fibonacci retracement level, previously a significant barrier at the $0.1570 mark.
Currently, it’s advancing towards the 50% Fibonacci retracement threshold, positioned at approximately $0.1649.
Concurrently, a bullish, engulfing candlestick pattern has manifested, bolstering the prospects of an ongoing bullish trend.
Noteworthy technical indicators, such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), remain in the buying zone.
This suggests that investors may continue to favor purchasing IOTA. Consequently, the immediate strategy should focus on the $0.1646 marker.
A bullish breach here could potentially target the 61.8% Fibonacci retracement level at around $0.1725. Beyond this, the $0.1845 level might present a significant resistance for the coin.
Conversely, if IOTA struggles to eclipse the $0.1646 level, it could retract to primary support levels – either to $0.1679 or even further down to the foundational $0.1325 mark.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.