What’s next for MIOTA?

The increase followed increased pressure from the buyer side over the weekend and on Monday morning as buyers broke through a key resistance mark and reached prices last recorded in early September

The price of IOTA rose to its highest level in the early hours of Monday, reaching the upper limit of $ 1,68. In the last 24 hours, the price of IOTA has increased by 3,3%, while weekly profits are currently at 23

For IOTA, the uptrend also follows a positive technical outlook released by a major financial institution in the wake of the altcoin recovery across the crypto market.

Last week, a report from Bank of America highlighted 15 altcoins that were Opinion of analysts have the potential to grow further in the face of increasing investor interest. In addition to IOTA, the bank’s report also mentioned Tezos (XTZ), EOS (EOS), Stellar (XLM), Tron (TRX) and Monero (XMR) as other crypto projects that are predicted to have a similar growth cycle to Ethereum (ETH).

IOTA Price Outlook

MIOTA/USD DAILY Chart. Source: TradingView

On the daily chart above, the IOTA price began to rise after the appearance of the morning star pattern, as evidenced by the three candles marked in the circle. The pattern supported an upward movement, which incidentally coincided with a breakout of the MIOTA/USD price to highs of $ 1.68.

The long shadow of the current candle shows the strengthened profit taking of the day and could potentially trigger a downtrend for MIOTA/USD. Should that be the case, the bears could be toying with a retest of the $1.40 mark and probably the 100 SMA at $1.10.

IOTA is currently trading at $1.49 but is above both the 50 and 100 day moving averages. The RSI indicator on the daily chart has moved well above 50, indicating a further increase. The indicator has not yet reached overbought territory, which suggests that a recovery in line with bullish market sentiment may have buyers firmly in control.

Should IOTA prices continue to move higher, a $1.66 headwinds success could help IOTA head the $1.88 to $2 zone.

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