The cryptocurrency market had returned to a stagnant price movement after a few days of bullish rises. A majority of the users have been expectant of another surge soon as the immediate support of most 0f the altcoins have been elevated.
MIOTA, the cryptocurrency based on the Internet of Things [IOT] has had a great start to the year with several developments being discussed in the pipeline. This ranged from landmark partnerships with major organizations to internal network updates. After having a very sombre 2019, the cryptocurrency was not at the 23rd position on the price charts.
At press time, MIOTA was trading for $0.235 with a total market cap of $654.55 million. After a 5.8 percent drop in the previous 24 hours, the cryptocurrency’s 24-hour market volume had dipped to $9.39 million.
1 hour:
The hourly chart has been consistent for MIOTA after a sustained hold between $0.23 and $0.26. The immediate support was at $0.228 while the immediate resistance held at $0.25. After the bullish rise on January 17, the price has maintained a steady path.
The Relative Strength Index had fallen below the oversold zone for the first time since the start of the year. This crash indicated that the selling pressure was much higher than the buying pressure. Some analysts claim that is is because of the stagnated price movement.
The Chaikin Money Flow indicator had risen slightly above the zero line. This came at a time when there was an increase int the overselling characteristics of MIOTA. The hold above the zero line meant that the capital coming into the MIOTA market was much higher than the capital leaving the market.
The Parabolic SAR was above the price candles, a sign that MIOTA may be heading into bearish territory. The SAR markers have stayed up for the past 48 hours now.
1 day:
The daily chart projected a reprieve for MIOTA as the cryptocurrency was going up in value for the first time since October. The immediate support on the daily chart was $0.15 which was formed in mid-December.
The Chaikin Money Flow indicator was leaps and bounds above the zero line in the long term. Despite MIOTA’s low price hold last year, the community seems to have stuck with the cryptocurrency. The IOTA market has clearly been enjoying a higher influx of capital now than it had over the course of the past 6 months.
The Parabolic SAR was below the price candles in the long term. This means that the cryptocurrency could expect bullish gains soon. This has also been helped along by positive sentiment within the IOTA community.
The Relative Strength Index had fallen back into the graph after staying above the overbought zone. In the long term, more people were buying into MIOTA than those who were selling it. The graph might only shoot up again after the IOTA’s plans for 2020 comes to fruition.
Conclusion:
Although IOTA price at the moment looks bleak, the long term analysis showed a resurgent spark in the cryptocurrency. This also comes on the back of the much-hyped ‘altcoin surge’. Many people expect 2020 to be the year that a lot of assets other than BTC enter the limelight. IOTA with its multitude of updates lined up looks to be a solid contender to join that roster.