IOTA Price Up by 3.88% – Time to Buy MIOTA Coin?
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The native cryptocurrency of the IOTA protocol, MIOTA, has been bullish in the last 24 hours, making it the best time to buy MIOTA.
MIOTA’s price surge can be attributed to the recent launch of the Shimmer protocol, which aims to accelerate the development and adoption of the IOTA platform.
The protocol currently ranks as the 47th most valuable cryptocurrency. The coin recorded a surge of up to $2.58 on April 16, pushing the record a step closer to its previous all-time high of $5.68 in December 2017.
Let’s evaluate the technical and fundamental performances of the asset.
MIOTA: Coin Market Position
The smart chain-based crypto asset is currently trading at $1.46, a 3.88% increase in the last 24 hours. The coin is steadily building its popularity in the crypto market, with a market dominance of 0.15%
The asset has a market capitalisation value of $3.9 billion, up 7.70% in the last day and a 24-hour trading volume of $172 million. MIOTA is pegged at 183.99% above its trading metric.
The cryptocurrency designed for the Internet of Things (IoT) is projected to climb in price in the coming weeks, making it a good time to buy MIOTA.
MIOTA was trading at $0.2 on November 7, 2020, and the coin saw an upturn in the price of $1.55 on February 18 this year. This price hike served as a building block for the asset to move up the ladder to $2.58 on April 16.
But the asset suffered losses and depreciated to $0.98 on May 21 during the crypto winter. The coin further lost value as it traded at $0.62 on July 20. However, MIOTA made a huge comeback on September 5, trading at $1.95 and currently within the $1.3 – $1.5 range.
MIOTA: Technical and Fundamental Analysis
MIOTA presents a buying opportunity for investors as the coin gears up for another really, based on technical indicators.
The digital currency is presently trading above the 20-day moving average (MA) support price of $1.34 at $1.46.
The coin’s long-term indicator confirms this bullish run with a 200-day MA support price pegged at $1.21.
The moving average convergence and divergence (MACD) trend line indicate a buy signal, while the Relative Strength Index (RSI) of 50.0 reveals the coin is in the underbought region.
MIOTA has been through many changes since its inception into the global trading market.
The coin’s technical indicators suggest an imminent bullish run, and fundamental factors point to the asset’s investment potential.
Among the fundamental factors playing to the crypto platform’s favour in the market is the recently announced Shimmer Network– designed to improve the development and adoption of the parent coin.
Shimmer is an innovation for developers to get early access to IOTA’s new technology to launch their dAPPs, preparing them to be automatically ready once an upgrade reaches the IOTA mainnet.
Shimmer is made available to build developer tools, documentation and integrations early, making potential migrations for dAPPs and third-party platforms such as decentralized exchanges seamless.
Another plausible reason for the expected uptrend in the price of MIOTA is the development of the IOTA Tangle-based NFT marketplace that will enable users and developers to buy, sell, bid and mint NFTs without network fees.
The price MIOTA is expected to surge as IOTA joins the league of blockchain networks that sustain the NFT marketplace by delivering functions without the cost of network fees.
The protocol will likely get new adoptions as new users maximize returns on their investments in the new NFT marketplace by buying and holding MIOTA tokens.
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