The IOTA price is buoyant, topping performance in the top-20.
As of writing on Feb 11, the IOTA price is up a massive 48 percent, soaring to $1.17, printing a 2021 high. Even so, the daily chart’s price action shows that the coin must double to clear 2018 peaks, as per Binance data.
Catalyzing bulls and maintaining this uptrend is a string of fundamentals laid out for the Internet-of-Things projects. In the meantime, there is demand in lower time frames, as trackers reveal.
For instance, on the last day, the average daily trading volumes for the coin is up 188 percent. In return, the uptick in participation is pushing week-to-date gains to over 150 percent as buyers take charge of the blockless IoT category leader.
IOTA Price Overview
The path of least resistance for the IOTA/USDT pair is northwards, as the daily chart’s price action reveals.
While the price appears over-extended and likely to correct, the uptrend will remain unaffected, and traders have a chance to load up the dips with targets at over $2 in the medium term.
After months of accumulation following the free-fall of 2018, the subsequent consolidation of 2019 and 2020 is the impetus that may sling the IOTA/USD prices back to 2017 highs.
In a breakout pattern, the uptrend will continue in the immediate term if prices break above $1.3. The level marks Feb 11 highs. A high-volume break above this mark opens the IOTA price to $1.75 and $1.95, respectively.
On the other hand, losses below Feb 10 highs of $0.85 may see the IOTA/USD price contract in a correction. The $0.85 mark and the middle BB both serve as immediate support. Ideally, the $0.85 level can be the base for a retest, which could serve as another opportunity for traders doubling down on the IoT coin as they ride the bull train.
IOTA Market Movers
IOTA is a blockless ledger designed to power the machine economy and the Internet-of-Things.
Behind the network is the Directed Acyclic Graph (DAG) architecture, a system that scales depending on demand while concurrently using Proof-of-Work without the massive energy requirements.
Holders expect the coin’s uptrend to continue in the medium term. Some predict the coin to reach its all-time high.
#IOTA ON THE WAY TO ATH!
DON'T SELL! 🚫
— IOTAHULK #IOTASTRONG (@jo_hwell) February 10, 2021
Potential catalysts in the medium term include the progress towards complete decentralization via Coordicide. The intermediate stage towards this status is Chrysalis. Progress is almost complete.
Once Chrysalis is deployed on mainnet, all resources working on Chrysalis shift to Coordicide, and we begin our unstoppable march towards a highly decentralised and scalable DLT that can process value and data FOR FREE. #IOTA is inevitable. Pay attention. …
— /r/IOTA (@Reddit_IOTA) February 5, 2021
IOTA Oracles are also live:
IOTA Price Prediction
The IOTA/USD is on an uptrend as per price action in the 1-HR chart.
While traders are confident, prices may pullback in the immediate term. Provided they are sustained above crucial support levels; the uptrend is firm.
There are attempts of liquidation in lower time frames–the weekly chart has a long upper wick.
There is over-valuation in the 1-HR chart. The resulting correction may drive the IOTA/USD price back below the middle BB and $0.85.
A retest back of $0.85—Feb 10 high– provides traders with another opportunity to add their longs. However, further high-volume losses below $0.85 may see prices slide back to $0.5.
Conversely, gains above $1.3 open up the IOTA price back to $1.75 and $1.95, respectively. These are the 3 and 4.618 Fibonacci extension levels of the Feb 8 and 10 bull trade range.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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