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The IOTA market persisted in a range during the past 3 weeks but major pointers show the token is on the verge of a significant breakout in the near term despite overall Altcoin market correction.
*IOTA/USD is on track to exit its range-trading
*IOTA’s price surge could signal that pent-up demand is increasing
*Recently unveiled its latest update, Firefly wallet
IOTA’s medium-term outlook has been blighted by some factors in recent weeks however its negative correction against the dollar is coming to a quick end. After posting mild gains at the start of the week, IOTA/USD is on track to exit its range-trading as bulls resume to unfold upside traction on a rally to the $1.60 region. IOTA’s price surge could signal that pent-up demand is increasing at the $1.40 level with prior day lows at the $1.28 zone. IOTA’s total market cap now stands at $4.03 billion with a trading volume of $224 million in the past 24 hours.
IOTA Latest Wallet, Firefly Arrives
IOTA Foundation, the non-profit behind the creation of the IOTA DLT blockchain based on IoT use-cases, recently unveiled its latest update, Firefly wallet. In a formal release, IOTA Foundation officials detailed that end-user wallets constitute the focal point of the entire crypto ecosystem as they should consolidate all processes in 2021: the holding of crypto, swap, trading, NFT hosting, etc. As a result, the latest Firefly is built to meet such lofty objectives.
IOTA Daily Chart: Bullish
On the daily chart, a bullish rebound from the prior day’s low of $1.28 around the ascending trendline occurred relatively quickly after a bearish halt. Overall, the moving average (MA 50) gives credence to a resuming bull trend. The price pattern indicates a prior reversal on reaching an all-time high at the $1.70 level.
The initial reversal at the top moved lower to support at $0.87 before a rebound on substantial volume towards the $1.60 level in the prior day. The most conservative bullish entry on the IOTA/USD pair would occur at a support test of the $1.40 level, at the immediate horizontal line. Long candle wicks at the top act as resistance targets after a trend reversal and also show potential price targets for the long-term trend.
IOTA 4-Hour Chart: Bullish
In the past month, the IOTA/USD gained bullish momentum from the $0.88 support zone against the US dollar. IOTA broke the $1.18 level and the MA 50 hurdles near the $1.40 level to move into a positive zone. Looking at the 4-hour chart, the pair broke the key $1.40 resistance and stays afloat on the ascending trendline with resistance at $1.60.
A clear break above the $1.60 level could open the doors for more gains in the coming days. Conversely, there might be a downside correction beneath the $1.40 and towards the $1.18 levels. The IOTA/USD pair is only bullish while trading above the $1.40 level while the all-time-high for the pair around the $1.70 level is the next major upside.
Resistance Levels: $1.800, $1.704, $1.605
Support Levels: $1.400, $1.289, $1.182
Image Credit: Tradingview
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