IOTA Price Up By 9.14% – Time to Buy MIOTA Coin?
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As the year runs to an end, a flurry of activities is enveloping the crypto space as bulls and bears tussle for dominance. Currently enjoying a bullish wave is the Internet of Things (IoT)-focused protocol IOTA. This unusual rally in a broader crypto market’s bearish outlook has driven investors to buy MIOTA.
With more interest growing for the Tangle validation protocol, we will explore the technical and fundamental performances backing the platform’s exceptional price gain in the past 24 hours.
MIOTA Showing Strong Bullish Trends
The broader crypto market has experienced a mixed December with premier digital currency Bitcoin struggling to break above the $51,000 resistance position for most of the last few weeks.
However, a slight change in fortune over the weekend saw BTC hit $50,000 while pushing the nascent industry’s valuation to $2.4 trillion, reflecting a 5% increase. But the bears are back in control as top crypto projects are currently trading in the red zone.
Outliers like IOTA are still seeing significant bullish activities and the protocol is up 9.14% in the last 24 hours. A weekly gain of 14.80% sees MIOTA currently trading at $1.4607 with a modest 4.38% in the past month.
With the crypto market seeing remarkable adoption, the IOTA protocol has seen significant growth and has so far recorded a 395.88% year-to-date (YTD) return with a more substantial 397.56% one-year growth.
This puts the Tangle-based protocol on the 43rd spot on the most valuable crypto assets by market cap with a market dominance of 0.18%.
Today’s rally has positively impacted the 24-hour trading volume of the IOTA protocol, and MIOTA has recorded $308 million trading activity, indicating a whopping 165.62% increase. The protocol’s market cap however shows a more tamed growth of only 0.02% as the bears continue to sway the market in their favour.
The IOTA protocol is billed as a more scalable solution than conventional blockchain protocols. Given the growing interest in scalability, interoperability, as well as low cost in utilising platforms, this can be a great time to buy MIOTA and tap into the new generation of decentralised solutions.
MIOTA Technical And Fundamental Analysis
Turning to the technical indicators better shows us the breakout potential for the MIOTA token. The utility token is soaring above the 20-day moving average (MA) support price of $1.21, showing strong bullish presence. In the longer term framework, MIOTA is also assuming a positive market outlook as the digital asset trades above the 20-day MA price of $1.16.
The 14-day relative strength index (RSI) figure of 64.88 shows MIOTA intending to break above the underbought region into the more bullish overbought position. With such an impressive RSI, it is no wonder the moving average convergence and divergence (MACD) shows a strong buy signal as the green trendline soars above the orange trendline.
Fundamental-wise, the IOTA protocol has been making some key moves recently. Looking to fast-track the adoption and growth of Web 3.0, which incorporates decentralised finance (DeFi), non-fungible tokens (NFTs), and new crypto entrant Metaverse, the IOTA foundation recently launched a low-cost smart contract platform called Assembly.
According to a blog post, Assembly operates with sharded technology making it scalable and multi-chain. This way, parallel blockchains can easily verify transactions while boosting transaction output.
More success has seen the IOTA protocol earmarked as one of the five short-listed contractors for the ongoing European Blockchain Pre-Commercial Procurement hosted by the European Blockchain Services Infrastructure. This sees IOTA battle it out in the second phase alongside Orange Business Beligium and four others.
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