IOTA has been on an uptrend since the beginning of the week. However, the cryptocurrency was expected to continue reaching upwards but the bullish momentum has slowed down. At the time of publication, IOTA changed hands at $0.84 apiece. The price of the cryptocurrency has become relatively stable – moving to the downside by only 1% in the daily timeframe. MIOTA gained by 30% in the past week. The daily trading volume has fallen by 62% for the forty-sixth largest cryptocurrency.
Technical analysis
The market sentiment for IOTA has moved from bullish to neutral. Nine of the total twenty-six technical indicators are standing at a sell position while nine are at buy. The rest of the eight indicators are neutral. Both the oscillators and moving averages are neutral.
IOTA had been operating in a descending triangle formation. The bullish past week helped the cryptocurrency break out from the formation to the upside. However, the bullish momentum could not last for long. MIOTA coin has started moving downhill, once again. A trader’s analysis has portrayed a possible future trajectory. Per the analysis, the cryptocurrency is under market corrections and will retest a support level at $0.70. In a previous analysis the support level at $0.92 was tested which failed. If the current support level is held, bullish momentum is expected to further the upward trajectory of the token. The token is expected to reach towards $1.50 in that scenario.
IOTA price prediction
IOTA is a unique platform as it is a distributed ledger but not a blockchain. The technology of the platform is referred to as Tangle. This is what sets it apart and enables the network to provide throughput efficiently. The future of the cryptocurrency seems bright. According to the estimates of Wallet Investor, IOTA is expected to touch $1.5 in a year’s time while the five-year projection places the token at $4. Digital Coin Price predicts $1.5 will be reached by 2022.
