IOTA Price Prediction 2024:Will MIOTA recover and test new highs?

• IOTA Price Prediction suggests out-performance is possible in MIOTA.
• The MIOTA Price recovered 30% after testing the yearly lows.
• IOTA crypto price is attempting to break out of the 50 day EMA. 

IOTA Price Prediction suggests a rise in the long run and out-performance is possible. However, for the short term prices are in bear grip and buyers are trying their best to rebound. 

IOTA Price recovers 35% approx after hitting the yearly lows at $0.1352 and displayed the signs of bullish trend reversal. MIOTA Price is trying to hold the price above the 50 day EMA to turn the short term trend in the favor of bulls. However, the confirmation is still awaited. 

In the beginning of June, IOTA Price attempted to break out of the $0.2000 hurdle. Sadly, the attempt failed and prices faced rejection. It reverted in a downward direction which triggered panic selling. The massive selling volume indicates some big investors have taken exit. 

The downfall in IOTA crypto took support near $0.1400 and sellers faced difficulty to pull it further down. After, little bit of consolidation, IOTA Price begins to recover by forming higher highs which creates a hope for trend reversal. 

IOTA Price is trading at $0.1842 with an intraday rise of 2.33%. The 24 hour volume to market cap is 1.58%. The pair of IOTA/BTC is trading at 0.00000607 with an intraday rise of 2.19%. 

IOTA Price needs a strong buying

IOTA/USDT daily chart by TradingView

IOTA Price has not performed well in 2023 and disappointed the expectation of the long term investors. Buyers tried multiple times to bounce back from the support levels but the pull back is not sustaining. It shows the bear’s dominance on higher levels. 

Presently the IOTA Price is recovering after testing the demand zone so buyers seem to be more active and confident. If the buyers succeed to break out of the $0.2000 hurdle then more upward momentum is possible in the short span of time. 

However, if the price faces rejection from the 50 day EMA then bear will try to drag it down to the yearly lows. The technical analysis suggests, IOTA Price is in the initial phase of recovery and likely to trade with a bullish bias. 

MIOTA Price rise 15% in previous week

MIOTA Price formed a Doji candle on the weekly time frame indicating reversal. The buyers succeeded to give the follow up momentum and gained 15% on the previous week. If the crypto leader Bitcoin price continues to perform well then it will improve the market sentiment and positively impact IOTA. 

The RSI curve at 59 sloping upward denotes the strength of bulls. The MACD curve positively intersects with the moving average and histogram bar is rising. It indicates bullish momentum is likely to continue in coming months.

Conclusion

IOTA Price Prediction suggests a significant rise is possible in the long run. It recovered well from the yearly lows and showed signs of trend reversal. The technical analysis suggests MIOTA Price is in recovery mode and buyers seem to be returning back to the track. 

Technical levels

Resistance levels: $0.2258 and $0.2754

Support levels: $0.1600 and $0.1400

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.