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- The MIOTA price is currently trading at its support levels and the 50-day EMA suggests a trend reversal anytime.
- On the technical chart, MIOTA has formed a Doji candle, which suggests that the correction phase could potentially be ending.
As the broader cryptocurrency market enters some kind of consolidation, crypto traders have been setting up their eyes on mid-tied altcoins. MIOTA, the native cryptocurrency of the IOTA ecosystem is currently on investors’ radar with bullish projections ahead.
As the MIOTA price is currently around the support zone, it’s trying to gain momentum amid the return of the buyers. As of press time, MIOTA is trading 1% down at a price of $0.168. Currently, the MIOTA price is trading below the 50-day and 200-day EMA while showcasing the downtrend. However, at $0.168, the price is pretty much closer to the 50-day EMA suggesting the possibility of a trend reversal anytime.
Back in mid-June, the MIOTA cryptocurrency found support around $0.1400, forming a bullish hammer candle pattern. Subsequently, the price gradually recovered, forming higher highs and managing to surpass the 50-day EMA.
This situation raised expectations for a potential trend reversal. However, the presence of sellers prevented sustained upward momentum. The price then became confined within a narrow range between $0.1690 and $0.2000. During this period, the overall market sentiment shifted slightly bearish, impacting IOTA’s value negatively as well.
Is MIOTA Gearing Up for the Rally?
The prediction for MIOTA price indicates potential growth in both the short and long terms. The IOTA cryptocurrency’s value is currently in a recovery phase, with buyers demonstrating more activity compared to sellers.
As long as the IOTA price maintains above $0.1500, there is a strong chance of a rebound rally occurring. Positive momentum will likely increase when buyers successfully surpass the 200-day Exponential Moving Average (EMA). Conversely, if the price falls below $0.1500, it could lead to another round of selling.
On the weekly timeframe, the IOTA price has formed a Doji candle, which suggests that the correction phase could potentially be ending. If the overall cryptocurrency market experiences a recovery, this positive sentiment might also influence IOTA.
The MACD curve remains relatively flat, indicating that consolidation might continue for a while longer. The RSI at 44 is trending upward, indicating a potential move toward neutral territory in the near future. The super trend’s buying line still holds the price, signifying a mild bullish trend.
According to the MIOTA Price Prediction, there is active buying interest at lower levels, making the possibility of a bounceback quite likely. The technical analysis suggests that the IOTA price is currently at attractive levels, and the potential for downside risk is relatively low.
The IOTA ecosystem continues to make progress in addressing new developments and innovations in the blockchain space. The developers are currently focused on working on IOTA 2.0 which offers greater scalability.
Additionally, the IOTA Layer-1 staging network Shimmer has seen good growth since its launch in 2022. Now, the team is working towards the mainnet launch of Shimmer EVM.
