IOTA Price Up By 15.82% – Time to Buy MIOTA Coin?
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The crypto market is gradually welcoming back the bulls and several altcoins are already rallying. One of such is feeless data and value transfer protocol IOTA. The Tangle consensus protocol has rallied significantly in the past day and investors are looking to buy MIOTA.
With transaction costs and scalability remaining critical issues for many established blockchain protocols, many see IOTA as a more advanced solution in the internet of things (IoT) ecosystem that is rapidly evolving.
Given this, we will review the technical and fundamental performances of the protocol to see if this might be a great time to buy MIOTA.
MIOTA Breaking Even As The Broader Market Welcomes The Bulls
The nascent industry has been interfacing with the bulls through much of December following a stellar performance in November.
However, it seems the bulls will have one more swing before the year runs to a close. At the moment of writing, the crypto market has spiked by 1.42% with $2.42 trillion in recorded value.
MIOTA has also benefited from this apparent change in fortune and is up 15.82% in the last 24 hours with a weekly gain of 20.36% putting the digital asset currently at $1.27.
Year-to-date (YTD) increase of 339.95% shows Iota’s growing relevance, while a 12-month trailing increase of 392.63% indicates how far the crypto project has come this year.
This has seen MIOTA post an 18.02% increase in market cap to $3.63 billion with the 44th ranked most valuable crypto asset controlling about 0.16% of the crypto market.
The 24-hour trading volume is also through the roof as over $175 million has changed hands, indicating a 328.93% increase in the past day.
Iota has seen better days than this and the digital asset was a beneficiary of the crypto boom of the 2017 era. MIOTA surged to an astronomical value of $5.69 in mid-December 2017 before tailing off.
However, the IoT-focused protocol has posted a remarkable 52-week high of $2.68 showing huge potential for a possible breakout above its record high in the coming year.
With cryptocurrencies set to play a crucial role in the fast-rising decentralised economy, protocols like Iota will likely become more relevant making this rally an ideal opportunity to buy MIOTA.
MIOTA Technical And Fundamental Analysis
MIOTA’s impressive performance so far is perfectly captured in its technical performance. The digital asset is trading above the 20-day moving average (MA) support price of $1.1619.
Turning to the 200-day MA shows us more bullish momentum as MIOTA is trading above the indicator support price of $1.1619.
Looking at the 14-day relative strength index (RSI) reveals that MIOTA is trading in the underbought region of 55.25, making this an ideal opportunity to buy MIOTA and rise with the market.
The moving average convergence and divergence (MACD) indicate a strong buy signal as the green trendline indicator is soaring above the yellow indicator.
The Iota protocol has been snapping major deals with global bodies in terms of fundamentals. One of such is with the EBSI, which stands for European Blockchain Services Infrastructure.
The Iota protocol is among five selected contractors for the second phase of the European Blockchain Pre-Commercial Procurement. The project aims to put the European bloc one step ahead in the fast-growing decentralised economy and enable cross-border public services with blockchain technology.
The Iota protocol has also launched staking for the MIOTA token. This is to incentivise users and expand the use case of the network’s utility token.
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