MIOTA is one of the best performing altcoins in the market currently after making a double-digit gain in the past 24 hours. These gains have allowed IOTA to head towards new monthly highs. The recent gains have been attributed to broader market support, as bitcoin touched $50K.
MIOTA is trading at $1.23 at the time of writing after a 23.1% gain in the past 24 hours.
MIOTA Price Analysis
MIOTA is one of the massive gainers in the crypto market during the past 24 hours. The bullish sentiment across the broader market has created double-digit gains that have enabled the altcoin to break past crucial resistance levels.
During the past 24 hours, MIOTA’s price action has enabled the coin to move from trading at around $1 to the current $1.24. Besides support from the broader market, buyers are also rallying up to buy the altcoin, which has led to more price gains.
The growing bullish sentiment from the broader market shows a high chance that MIOTA will break towards higher levels. The next resistance level is at $1.26, which could be achieved soon.
On the other hand, MIOTA could fail to register any new highs, leading to price dips to lower levels. The coin could retest the lower support of $1.22 and $1.20. However, the strong bullish sentiment across the broader market could attract traders who want to buy during the dip.
The IOTA Tangle was launched in 2016, and since then, it has garnered the support of players in the blockchain sector because of its innovative Distributed Ledger Technology (DLT). Tangle is different from other blockchain technologies because it can support transactions across the Internet of Things (IoT).
In terms of developments in the IOTA ecosystem, the IOTA Foundation held a symposium to share insights on the ecosystem’s research. Experts in the DLT sector attended the symposium.
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