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- IOTA price sharply flipped from the bottom and crossed the 200-day EMA hurdle.
- The key metrics suggest further impulsive moves can be seen ahead.
IOTA token swung above the primary hurdle of $0.2300, escaping a consolidation phase. For weeks, the token hovered in the downside region and stayed calm.
A fresh bullish wave was triggered, and buyers succeeded in attaining momentum, aiming to approach the $0.3000 mark shortly. Meanwhile, the token is trading in the downside trajectory and is close to the 38.2% Fib zone.
At press time, IOTA price was $0.2498 with an intraday gain of 9.90%, reflecting neutrality on the charts. It has a monthly return ratio of 15.30% and a yearly return ratio of 40.20%.
The pair of IOTA/BTC is at 0.00000351 BTC, and the market cap is $694.11 Million. Analysts are neutral and suggest that the IOTA price will continue to stretch the gains and might retest the upside region of $0.3000 soon.
IOTA Triggered Range Breakout: Can It Reach $0.3000 Mark This Month?
This week, IOTA triggered a sharp bullish move and spiked over 18%, delivering intense buying momentum. Notably, a bullish Marubozu candlestick with a spurt in trading volume led to the trap of the bear cartel.
As the IOTA token came out of a monthly consolidation, it has a lot of room to go further and might stretch up to 3x soon.
Source: Santiment
The trading volume spiked over 135.34% to $38.17 Million in the past 24 hours and displayed buying pressure. Investors have showcased their interest and are aiming to dominate.
Going forward, the key metrics have turned from bearish to neutral, and we expect a follow-on rise ahead. The Relative Strength Index (RSI) curve spiked to the overbought zone and glimpsed a positive divergence on the charts.
Significant Surge in Weighted Sentiment and Volatility Charts
Following the price breakout, investor speculation activity was witnessed. The weighted sentiment data favors an uptrend. The value spiked above the midline region, noting around the 0.019 mark, which directs a positive outlook.
Source: Santiment
Furthermore, a sharp rise led to a surge in the price volatility by over 12% to the 1.43 mark. Interestingly, the volatility did not spike much compared to the impressive bull move.
A tweet by @Clifton Fx highlights that the IOTA token has escaped the downward trendline hurdle and surged over 15% this week. Additionally, the token is now ready for a sharp bullish wave ahead.
$IOTA (Update)
— Clifton Fx (@clifton_ideas) June 7, 2024
Running in +11% Profit So Far #IOTAUSDT #IOTA #Crypto https://t.co/X3xTuHX1iX pic.twitter.com/SDAGlW0f2g
Source: X
The price action suggests that if the token sustains above the $0.2500 mark, the slow & steady price will increase toward the $0.3000 mark. Conversely, if it fails to do so, it may retest the 100-day EMA mark to $0.2350 shortly.
Impressive Pump in Popularity
This week, the social dominance value massively surged over 340% to 0.225% and witnessed a surge in investor discussions and activity on social media platforms.
This upmove signifies the investors’ eagerness to buy the dips and look for a significant surge ahead.
Source: Santiment
Futures OI Data Reveal Bullish Outlook
This week, investors entered the trade to buy IOTA and made fresh positions, which led to the pump of over 10% intraday.
The open interest value surged over 21.30% to $24.88 Million in the last 24 hrs and revealed a long build-up activity.
The immediate support levels for the IOTA token are $0.2300 and $0.2100, whereas the key upside hurdle is around $0.2720, followed by $0.2800
Conclusion
The IOTA token has escaped a consolidation phase and climbed above the key moving averages. Moreover, the buyers have gained traction and are eyeing to stretch the bullish wave toward the $0.3000 mark ahead.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
