The majority of the cryptocurrency market is trading in the green zone, and many coins have made significant gains. Among the coin’s showing strong bullish signals is MIOTA. Since the market rebounded in late July, MIOTA has made incredible gains and has recovered from some of the losses made during the May market crash.
MIOTA is trading at $1.16 at the time of writing after a 6.3% gain in 24 hours.
MIOTA Price Analysis
MIOTA’s gains in the past few days have enabled the coin to break past the resistance at $1.10. This resistance is critical for the coin because it shows that buyer support is strong. Market support is strong; hence we could see MIOTA breaking other major resistance levels.
If the uptrend holds, the next resistance that IOTA needs to break past is $1.20. The coin broke past this level in early August but failed to hold. Hence, if bulls continue, we could MIOTA go past this level again.
If there is a downtrend at this point, MIOTA could head towards the lower support level of $1.14 and $1.12. Going to these levels could be gearing up IOTA for another bull run. On the other hand, these levels could also be caused by the coin failing to maintain buyer support, and instead, traders decide to sell.
The IOTA coin could also benefit from increased adoption of the IOTA blockchain. IOTA ranks as an eco-friendly cryptocurrency, and with the major environmental issues being faced by proof-of-work mechanisms, IOTA is well-positioned to change the future.
IOTA is a distributed ledger known for its innovative approach to using Tangle to process transactions. The Tangle consensus is faster, sustainable and more efficient than other blockchains. IOTA’s objective is to ensure transactions between devices in the Internet of Things (IoT) can be executed.
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