Price Analysis

IOTA Price Analysis: Advances to Fresh Highs Amid Cryptomarket Declines

IOTA (MIOTA) advances to fresh yearly highs of $2.74 amid the cryptocurrency market declines on April 16.

*IOTA hit new yearly highs at $2.74 on April 16
*IOTA was up by 16.56% in the last 24 hours and 34.74% weekly
*IOTA gears up for chrysalis network migration on April 25

IOTA (MIOTA) hit new yearly highs at $2.74 on April 16, despite the general market weakness. The crypto market saw some declines during Friday trading following Turkey’s ban on cryptocurrency transactions. Extension of the prior day’s 3.12% advance ended a five-day consolidation, signaling continuation of the uptrend from $1.27 (Mar 25 low). Further upside is likely to continue while price approaches the psychological $3 level with the RSI on the daily chart having room for further advance. At the time of writing, IOTA was exchanging hands at $2.50, up by 16.56% in the last 24 hours and 34.74% weekly.

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Gears Up for Chrysalis Network Migration on April 25

Chrysalis is the IOTA Mainnet’s intermediate stage before Coordicide is complete. The IOTA team had announced that the final phase to the Chrysalis network migration would start on April 21st, with Firefly ensuring a smooth token migration process. The Chrysalis phase 1 components were deployed to Mainnet in August. The team is now working on Chrysalis phase 2.

IOTA Daily Chart: Bullish

IOTA/USD Daily Chart

IOTA has been on a steady climb since March 25. Fresh bulls broke through the barrier at $2.32 and pressured the $2.74 resistance on April 16 which guards the next important barriers at $3 and $4. A further advance beyond these levels will see the retest of the Dec. 2017 all-time high of $5.69. The RSI is persisting in the bullish territory at 75. The bullish surge on April 16 comes after it briefly fell to the support area at $2.05 which was tested in the prior day’s low.

This potentially cements the $2.05 level as an immediate support area in case of any downside. Sliding further, sellers could test the support at $1.93, $1.84, $1.76 ahead of the MA 50 at $1.52. Only a break beneath the MA 50 will sideline the bulls. IOTA has a decent consolidation history, unless there is a strong momentum-led breakout, price action could consolidate above these key support levels in the meantime.

IOTA/USD 4-Hour Chart: Bullish

IOTA/USD 4-Hour Chart

IOTA remains in a steady uptrend. Its price action has always been punctuated by multiple consolidation bouts before a climb higher. Its price may therefore consolidate around the key resistance at $2.74 before it moves higher. If buyers manage to overcome the barrier at $2.74, early resistance could occur at the nearby $3 level. Another push over the latter obstacle may form the necessary confidence for the price to retest the $4 and $5. In the event price overshoots the $5 level, buyers may face significant resistance at all-time highs of $5.69.

IOTA has multiple supports on the downside. Should the negative trajectory resume, the pair may then target the $2.18 low ahead of the MA 50 at $2.07. Further declines below the MA 50 may test support at $1.82 ahead of $1.55. To summarize, IOTA price action remains positive. A push above the $2.74 high or below the $2.18 low could establish the next price action. However, a break below the MA 50 would be required to cement a further downside move.

Key Levels
Resistance Levels: $3.50, $3.00, $2.74
Support Levels: $2.40, $2.05, $1.56

Image Credit: Tradingview

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Tomiwabold Olajide

Tomiwabold is a currency trader and cryptocurrency analyst. A technical analyst, as well as an experienced fund manager, he has also co-authored several books on Forex trading. Tomiwabold pays great attention to cryptocurrency research, conducting a comprehensive price analysis and exchanging predictions of estimated market trends. He studied at the University of Lagos, Lagos.

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