The IOTA crypto, which was in a remarkable uptrend from the end of November 2023, and the price has increased significantly from $0.8000 to $0.3500. But the price dropped from the supply point level and plunged to $0.2000.
However, the IOTA crypto has shown a sign of a strong potential rally as the price jumped from the key support level of around $0.2000 on the chart.
The IOTA crypto is ready for an amazing price rise, as it unleashes potential and to break above the resistance level and soar to new heights from the current base zone.
The IOTA asset is demonstrating bullish strength and rising capacity as it stays above the major 20, and 50-Day, highlighting buyer strength.
Moreover, the IOTA asset is exhibiting bullish behavior as MACD shows a wide histogram bullish crossover. The RSI is at 51.10 and the curve has taken support from the 14-SMA which is at 46.72 after cutting it from below, suggesting the trend could be extended.
On evaluating the observed chart, the asset is displaying bullish signs and implies that it has the potential to grow further.IOTA grew 47.31% through the previous quarter, highlighting the strength of the uptrend.
At the time of writing, the IOTA crypto had experienced a decline of 1.75% to $0.2486 in the last 24 hours.
If the demand pressure is maintained, the price could rise sharply from the current level. The primary goal for the price is to reach $0.5000, with resistance from the $0.285 level.
On the other hand, if the IOTA crypto price fails to stay above the $0.200 level, it could decline further.
Summary
The IOTA price movement reflects a bullish scenario at the time of writing, as it recently advanced from a critical level. The RSI, MACD, and EMAs are displaying bullish signals on the daily time frame.
IOTA price action reflects a bullish outlook and opinions about the crypto asset in the daily time frame. Therefore, if the demand for the IOTA remains high, the asset price could rise sharply from the current level.
Technical Levels
Support Levels: $0.200
Resistance Levels: $0.285
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2024/02/03/iota-crypto-price-can-it-rise-higher-or-slump-down-to-lows/