Price Analysis

IOTA Price Analysis: Sustains Upside Run for the 3rd Day in a Row

IOTA/USD rose to the highest in more than two weeks on Tuesday, resuming recovery leg from $1.45 (Apr. 4 low) after bulls took a breather at the end of the prior week.

*Fresh strength on IOTA’s traction may revive bullish appeal and lift the price
*IOTAs positive impetus looks steady as buyers dictate trend
*IOTA announces the final phase of Chrysalis network upgrade

IOTA/USD is creeping higher to retest a durable tentative horizontal barrier pulled from the prior yearly high of $1.88. However, today’s footing within the upside channel appears somewhat not up to the task at hand, as lingering above is the daily red candle formation. However, bulls need to close above the $1.70 level to boost the signal as IOTA’s positive impetus looks steady as buyers dictate the trend. The asset is currently 30th on the Coinmarketcap table, with a market cap of $4.70 billion, and $208 million in trade at the time of writing. The current spot price is at the time of this post is $1.75.

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Announces the Final Phase of Chrysalis Network Upgrade

In an April 5 official blog post, IOTA announces the final phase of the Chrysalis network upgrade. It stated – Over the last year we have been working to transition the IOTA protocol towards production readiness. We are now in the final phase of the biggest upgrade in IOTA’s history. Today we are happy to announce the official start date of the Chrysalis network migration – Wednesday, April 21st, 2021. The network upgrades will officially happen on Wednesday, April 28th, 2021. The first phase of Chrysalis was deployed on the IOTA network in August 2020.

IOTA Daily Chart: Ranging

IOTA/USD Daily Chart

IOTA extends strong rebound into the third consecutive day spurred by the buying wave in the Altcoin market. IOTA resumed the uptrend leg from $1.45 (Mar 31 low) after a consolidation phase on reaching the prior yearly high at $1.84. A fresh yearly high is set at $1.88 and the pair is currently consolidating gains. There is also an ascending trend line with support near $1.45 on the daily chart.

If there is a downside correction, the ascending trend line could provide support near $1.45. Any more losses might call for a test of the $1.38 support or the daily MA 50. On the upside, a resistance is formed at the yearly high at $1.88, above which the pair could accelerate higher towards $2. The next major stop for the bulls could be around $3 in the coming days. Everything being equal, IOTA could continue to surge in an ascending trendline pattern during the following trading sessions.

IOTA/USD 4-Hour Chart: Ranging

IOTA/USD 4-Hour Chart

The IOTA/USD pair rebounded from a support level formed by the 4-hour MA 50 at $1.50 on April 4. As a result, IOTA was able to rise to fresh highs of $1.86. Bears sold at higher levels and pulled the price to lows of $1.64 on April 6. The positive sign is that the bulls have held on to the uptrend for the past three days. Immediate resistance is at the prior yearly high at $1.84 ahead of the $1.88 high.

If the bulls can drive the price above $1.88, the IOTA/USD pair could begin the next leg of the rally with a target objective of $2.0 and then $2.50. On the contrary, if the price again turns down from the overhead resistance zone, support awaits at the recent consolidative lows of $1.64 ahead of the MA 50 ($1.60). If the IOTA price plummets below the MA 50, MIOTA range-bound action may continue for a few more days before seeking support at the MA 200 ($1.43).

Key Levels
Resistance Levels: $3.0, $2.0, $1.88
Support Levels: $1.70, $1.60, $1.50

Image Credit: Tradingview

Note: coinpedia.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event.

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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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