Thursday, June 1, 2023

What’s in Line for IOTA’s Future?


On Tuesday, MIOTA had a fantastic session, surging more than 20% on the day. According to, MIOTA is the native token of an open-source distributed ledger that records and executes transactions between computers and devices in the Internet of Things (IoT) ecosystem.

IOTA/USD gained support slightly above $1.0 per token, broke to the north of its 21-day moving average at $1.17. Then climbed past $1.30 to its highest level since the beginning of the month. The cryptocurrency has already fallen below $1.30. Although it is still trading above a crucial level of short-term support at $1.24. It is also close to its 50-day moving average of $1.28.

On Tuesday, a wide surge across cryptocurrency markets saw altcoins like MIOTA thrive. It raised optimism for a long-awaited “Santa rally”. Three days before Christmas, MIOTA is still down approximately 15% for the month. However, traders in the altcoin market will be well aware that a 15% shift in three sessions is possible.

MIOTA has the potential to achieve highs in 2022

Short-term bullish speculators will be expecting that the MIOTA can maintain yesterday’s momentum. Then, push higher towards the top of the recent multi-month range in the $1.66-$1.76 level. Now that it has broken over important short-term resistance. As a result, they may require near-term consolidation before the cryptocurrency continues.

Short-term bulls, on the other hand, should be wary that short-term momentum indicators indicate that MIOTA has reached overbought territory. On Tuesday, the four-hour candlesticks’ 14-period Relative Strength Index (RSI) surged close to 80.00. Well over the 70.00 mark that indicates overbought conditions.

As a result, they might require some near-term consolidation before the cryptocurrency can continue.

A 30% climb to the top of current multi-month ranges between $1.66 and $1.76 would still leave MIOTA roughly 40% behind annual highs in the $2.70 level. And those annual highs are still around 60% lower than the all-time highs of $6.50 set in 2018.

If MIOTA is to achieve new highs in 2022, it will have a long way to go.

If MIOTA can manage a bullish breakout above this pennant, it might at the very least lead to a test of annual highs. Also, if these go along with a wave of buying activity, we could be looking at a repeat of record levels.

In the latter half of 2021, the metaverse was a significant crypto story. Decentraland’s MANA and Sandbox’s SAND reaching new highs. Perhaps by 2022, people will have a renewed interest in the Internet of Things. Also, its potential to improve augmented reality projects.

Previous article
Next article
Vincent Sanchez
Vincent Sanchez
Vincent Sanchez currently writes articles for Cryptoconstellation. He completed his Msc in finance and had a successful career as an accountant. Vincent enjoys travelling and working out.

More from Crypto News Constellation

[tds_leads input_placeholder="Email address" btn_horiz_align="content-horiz-center" pp_checkbox="yes" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" msg_composer="success" display="column" gap="10" input_padd="eyJhbGwiOiIxNXB4IDEwcHgiLCJsYW5kc2NhcGUiOiIxMnB4IDhweCIsInBvcnRyYWl0IjoiMTBweCA2cHgifQ==" input_border="1" btn_text="I want in" btn_tdicon="tdc-font-tdmp tdc-font-tdmp-arrow-right" btn_icon_size="eyJhbGwiOiIxOSIsImxhbmRzY2FwZSI6IjE3IiwicG9ydHJhaXQiOiIxNSJ9" btn_icon_space="eyJhbGwiOiI1IiwicG9ydHJhaXQiOiIzIn0=" btn_radius="0" input_radius="0" f_msg_font_family="521" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_msg_font_weight="400" f_msg_font_line_height="1.4" f_input_font_family="521" f_input_font_size="eyJhbGwiOiIxMyIsImxhbmRzY2FwZSI6IjEzIiwicG9ydHJhaXQiOiIxMiJ9" f_input_font_line_height="1.2" f_btn_font_family="521" f_input_font_weight="500" f_btn_font_size="eyJhbGwiOiIxMyIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMSJ9" f_btn_font_line_height="1.2" f_btn_font_weight="600" f_pp_font_family="521" f_pp_font_size="eyJhbGwiOiIxMiIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMSJ9" f_pp_font_line_height="1.2" pp_check_color="#000000" pp_check_color_a="#fdbf46" pp_check_color_a_h="#000000" f_btn_font_transform="uppercase" tdc_css="eyJhbGwiOnsibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJsYW5kc2NhcGUiOnsibWFyZ2luLWJvdHRvbSI6IjMwIiwiZGlzcGxheSI6IiJ9LCJsYW5kc2NhcGVfbWF4X3dpZHRoIjoxMTQwLCJsYW5kc2NhcGVfbWluX3dpZHRoIjoxMDE5LCJwb3J0cmFpdCI6eyJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3Njh9" msg_succ_radius="0" btn_bg="#fdbf46" btn_bg_h="#dd9933" title_space="eyJwb3J0cmFpdCI6IjEyIiwibGFuZHNjYXBlIjoiMTQiLCJhbGwiOiIwIn0=" msg_space="eyJsYW5kc2NhcGUiOiIwIDAgMTJweCJ9" btn_padd="eyJsYW5kc2NhcGUiOiIxMiIsInBvcnRyYWl0IjoiMTBweCJ9" msg_padd="eyJwb3J0cmFpdCI6IjZweCAxMHB4In0=" msg_err_radius="0" f_btn_font_spacing="1" title_text="Stay Up to Date"]


Related Crypto News

IOTA’s Ready for Major Updates

IOTA, a distributed ledger and open-source cryptocurrency, has received some significant changes recently. The first update discusses the...

IOTA’s Free Smart Contract Beta

The IOTA Foundation today announced the beta launch of the network's new smart contracts. This will provide high-speed,...

IOTA’s Network Service in Europe

The European Union has chosen IOTA as one of seven blockchain businesses to offer the European Blockchain Services...

IOTA Owners BUILD or BURN Power

A new age of community interaction on IOTA is about to begin. On the IOTA 1.0 network, roughly...