TL:DR
- Iota has broken its 2020 high as it continues to benefit from large injections of trading volume.
- This trading volume has also significantly increased the volatility in IOTA/USDT.
- Any further rallies will largely depend on further such injections of trading volume.
Overview (24-hour)
IOTA/USDT opened the trading period at 0.3381 USD, before rallying to set a high of 0.4260 USD (+26%). The low for this period was just 0.3333 USD, less than half a cent lower than the opening price. At the time of writing, IOTA/USDT has settled at 0.3782 USD, just 0.4% lower than the period’s high-low average of 0.3797 USD.
The total trading volume for IOTA/USDT during the trading period was 53.98m IOTA, compared to 44.21m IOTA during the previous period, representing an increase of 22.1%.
At the time of writing, the Historical Volatility Index (HVI) is at 136.04 (extremely high) compared to 138.42 during the last trading period.
Price Analysis
IOTA/USDT opened the trading period at 0.3381 USD and briefly dipped to the period’s low of 0.3333 USD before beginning the rally to the trading period’s high. In the course of this rally, there was a brief sharp dip in price to 0.3456 USD from 0.3754 USD, before IOTU/USDT set the period’s high of 0.4260.
At the time of writing, IOTA/USDT has settled at 0.3782 USD.
Volume Analysis
IOTA/USDT opened this trading period with a trading volume of 894,146 IOTA and a mean value of 1.24m IOTA carried over from the last period. As the rally began, there was a notable decline in trading volume, dipping tot 317,802 IOTA at the lowest, bringing the mean value down to 792,475 IOTA.
However, this was soon followed by a spike in trading volume up to 3.8m IOTA as IOTA/USDT made its final push up to the period’s high. At the time of writing, the trading volume has risen again to 786,226 IOTA, with the mean value rising to 1.94m IOTA, much higher than the previous trading period.
Both the On Balance Volume (OBV) and Accumulation/Distribution (Acc/Distr) rose with the rally, and spiked as IOTA/USDT hit the trading period’s high. However, they have both since declined significantly.
Volatility Analysis
IOTA/USDT has maintained volatility in the extremely high zone throughout the course of its exponential rally, and this trading period was no different. IOTA/USDT opened with a HVI of 32.20 (extremely high), dipping only to 17.21 (extremely high). I then oscillated between the two for several hours before increasing significantly to 67.53.
At the time of writing, HVI sits at 40.03 (extremely high)
Price Prediction
Over the past few days, IOTA/USDT has seen enormous, almost exponential growth, growing over 50% over that period. This trading period saw this increase in value continue, with isolated injections of trading volume to help propel the rally. These injections of trading volume also introduced significant levels of volatility to IOTA/USDT.
It is likely that as the wider market continues to appreciate in value, more such injections of trading volume will occur, potentially lending support to further IOTA/USDT rallies. However, when and how much can only become apparent after the fact. Furthermore, the level of volatility that has been introduced makes it difficult to make any confident prediction as to IOTA/USDT’s direction.
In the news
Binance is planning to launch an options contract for cryptoccurrency Litecoin.
Open interest in XRP futures has surged 40% in the past 24hrs.
The IOTA Foundation is set to launch a new wallet calle Firefly in the coming weeks.
