This week’s IOTA price prediction is bullish as it broke the $2 resistance. Combined with the upcoming Chrysalis upgrade in April, IOTA can be expected to continue moving higher.
A majority of the cryptocurrency market is in the green today with noticeable gains seen from coins like Binance Coin that are consistently making new all-time highs. BTC dominance continues to fall as it drops to 55% – the lowest it has been this year! Whilst some coins are in the red, it should not be forgotten that they are still noticeably higher than last week.
IOTA price movement over the last 48 Hours
IOTA/USD moved within the range of $1.83 – $2.14 over the last 48 hours. The movement of nearly 17% indicates significant volatility for the currency. Its trading volume of $170 million shows that the price rise is still being accompanied by a healthy amount of volume. The total market cap of the coin stands at $5.57 billion ranking the coin in 25th place – a climb of 2 places from 27th place last week.
IOTA/USD 4-hour chart: IOTA retesting the $2 support
IOTA previously failed to successfully break the $1.75 mark with a harsh correction back down to $1.28; a 27% drop. It has since been making higher highs and higher lows indicating positive strength for the coin.
IOTA went on to touch the $2 resistance but immense selling pressure caused it to retrace to $1.83. A rapid surge in buying volume on the retrace ensured that it successfully broke the $2 mark with ease. IOTA now stands in a critical position between the $2.15 resistance and the $2 support. This is an extremely significant time for IOTA as when it successfully broke this level in December 2017, it continued to surge to its all-time high of $5.80.
IOTA can be expected to have a small correction in the short term, perhaps retesting the $1.85 area where it will coincide with the short-term Exponential Moving Average and use it as support.
IOTA price prediction: Price to continue rising and reach its all-time high
IOTA/USD has strong positive fundamentals with the IOTA Foundation (IF) releasing the date for the upcoming Crysalis date. This will be the biggest upgrade in the project’s history and shows that the IF is sticking to its objectives – albeit slightly late. If successfully implemented, it opens the project up to real-world adoption and thus thousands of possible use cases. Furthermore, the IF has been more transparent than ever with everything that is going on behind the scenes. Co-founder, Dominic Schiener, is hosting weekly AMA’s and end-of-week discussions to constantly update the community and wider public with new and exciting news. All of this combined with the recent altcoin season, the price can be expected to increase significantly and possibly reach its all-time high!
IOTA Price Prediction Conclusion
The overall market sentiment for IOTA is bullish. A small correction can be expected, but over the course of this month, IOTA/USD can be expected to break key resistances at $2.15 and $2.50. If new exchanges announce that they will list IOTA, and new companies announce partnerships, it can also be expected that IOTA will continue to keep climbing with significantly more buying volume with the potential to reach its previous all-time high!
This post was last modified on April 12, 2021 3:48 pm
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