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Price Analysis

IOTA/USD adds 23% versus Bitcoin; IOTA Prices Could Rally to $2



iota price prediction

The IOTA price is one of the top performers in the top 20.

In a sea of red, the coin is in green, going against the grain and posting spectacular gains over the last two days.

As of writing on Mar 5, the IOTA price is changing hands at $1.35, flipping Cardano and closing in on AAVE, both of which are down a ballpark 13 percent on the last day of trading.

Perched at 14th in the crypto market cap leader-board, the IOTA price is outperforming BTC and ETH, adding 13 percent on the last day, stretching gains to over 23 percent week-to-date.

Fueling the uptrend is the surge of investor participation.

For instance, trackers reveal that IOTA pairs have attracted 192 percent more trading volumes over the last trading day, pushing the average daily trading volumes to $373 million.

At this pace, the uptrend is firmer, and bulls are more determined to overcome barriers, a move that may see the coin thrust higher, printing a new 2021 high in the medium term.

IOTA Price Overview

The IOTA price is bullish, inching higher, and at around 2021 highs.

Backed by determined buyers, favorable candlestick arrangements, and fundamental factors, the path of least resistance—judging from price action, is northwards.

Notably, IOTA bulls are shaking off the weaknesses of last February 2021.

Following Mar 5 gains, IOTA/USD price is now trading above Feb 23 highs of around $1.30, a new positive for buyers from volume analysis. This is despite lighter trading volumes relative to the conspicuous trend-setting bear bar of Feb 23.

Still, the prospects of the IOTA price printing a new multi-month high are highly dependent on how bulls react at Feb 2021 highs.

A high-volume breach above $1.62 opens up the IOTA price to Mar 2018 highs of around $2.20.

IOTA Market Movers

The IOTA protocol seeks to power the future machine and data economy. Its creators employ a new ledger architecture to address energy efficiency, transaction costs, and scalability.

Critics say IOTA is centralized because of the Coordinator. The IOTA Foundation is now looking towards eliminating it via Coordicide. The intermediate phase, Chrysalis, is active and precedes Coordicide.

Meanwhile, IOTA continues to develop. In preparation for Coordicide and complete decentralization, the team is releasing the platform’s smart contracts in Alpha. Using IOTA’s smart contracts will be fee-less and energy-efficient.

Additionally, their partnership with Horizen means IOTA Oracles will now be available to even more blockchains.

IOTA Price Prediction

IOTA/USD adds 23% versus Bitcoin; IOTA Prices Could Rally to $2

The IOTA price is up nine percent versus the greenback on the last trading day.

From the daily chart, the IOTA/USD price has support at the middle BB—the 20-day moving average, and $0.92. The latter coincides with the 50 percent Fibonacci retracement level of the February 2021 trade range.

Technically, price action favor bulls. Notably, the reversal of Feb 23 losses cements bulls’ conviction. Nonetheless, the surge above $1.30 and the 23.6 percent Fibonacci retracement level is with relatively low trading volumes. Confirmation of today’s bull bar could see the IOTA/USD rally above $1.62—February 2021 highs, towards $2.20—Mar 2018 highs, as aforementioned.

Conversely, losses below $0.92 validate bears of late February 2021, setting the pace of further draw-downs towards $0.30.

Chart courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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