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IOTA Price Prediction 2023: Will MIOTA Reclaim $1 Mark Soon?

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IOTA Price Prediction 2023: Will MIOTA Reclaim $1 Mark Soon?

  • 1 The IOTA crypto decreased by 9.72% over the last week trading below major EMA’s.
  • 2 The price of the IOTA crypto is trading at $0.1639 and the 52-week range is $0.1293 – $0.3575.

IOTA, a leading DLT project, has announced its plans to establish a new independent foundation in Abu Dhabi, UAE. The new entity will be one of the main organizations to promote the growth, adoption, and global expansion of IOTA. The move reflects IOTA’s commitment to the UAE and its vision to become a global digital infrastructure and innovation ecosystem.

The new foundation will work closely with regulators, business leaders, and government entities in the UAE and beyond to advance the role of DLT in technology and business. The new foundation will also provide funding and support to the IOTA ecosystem and enable the community to participate in the governance of the project. IOTA co-founder Dominik Schiener expressed his gratitude for the warm welcome and support from the UAE leaders. He said that the UAE offers the best environment for IOTA to take it to the next level.

The IOTA crypto has not performed well in the last week, decreasing 9.72% and by 24.65% in the last six months. IOTA (MIOTA) crypto has a negative year-to-date return of 3.08% and a negative one-year return of 39.83%.

IOTA crypto decreased by 1.34% in market value and by 20.56% in trading volume in the last 24 hours, as per CoinMarketCap, a crypto data analysis website. Its market value is $456,008,734 and its trading volume is $5,034,353. There are 2,779,530,283 IOTA in circulation.

IOTA Price Technical Analysis in the 1-Day Timeframe

IOTA crypto price showed a downward trend, it started falling last year and still plummeting every week. At the time of publication, the IOTA crypto price is trading at $0.1636, and the price is facing extreme resistance from the trendline, which pushes it down every time it tries to touch it.

If the MIOTA crypto price sustains the current level and rises by surpassing the trendline, only then it might hit the nearest resistance levels of $0.1814 and $0.2102 and can rise even further if it succeeds.

If it fails to maintain the current level and declines then, the IOTA crypto price could go down and reach the nearest support at $0.1500 and $0.1315 and fall further.

IOTA Price Prediction 2023: Will MIOTA Reclaim $1 Mark Soon?

Source: IOTA/USD.1D.BITFINEX by TradingView

At the time of publishing, the IOTA crypto price is trading below the 20, and 50-day EMAs (exponential moving averages).

The MACD line at 0.0017 and the signal line at 0.0022 are below the zero line both lines closed down to each other showing a bearish crossover is observed in the MACD oscillator but the gap of the histogram is very lean. The current value of the RSI is 48.37 points and the 14-day SMA is above the median line at 59.26 points.

Collectively, all indicators suggest a continuation of consolidation to the bearish movement of the MIOTA crypto.

Conclusion

IOTA crypto price prediction highlights the bearish sentiments and perspectives of investors and traders regarding IOTA crypto in the daily time frame. MIOTA price action highlights the continuation of bearishness at the time of publishing. Moreover, the technical parameters of the MIOTA price suggest the continuation of the consolidation to a downtrend over the daily time frame chart.

Technical Levels

  • Support levels: $0.1500 and $0.1315
  • Resistance levels: $0.1814 and $0.2102
Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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