Iota (MIOTA) has been struggling with bullish momentum ever since the market crash – like many cryptocurrencies. The cryptocurrency went to a 7-day low of $1.02 during the crash and the price has been highly volatile ever since. During the bull run of 2021, Iota could not sustain the bullish momentum for long as the cryptocurrency failed to reach close towards its all-time high of 2018. At the time of writing, Iota stands at a price level of $1.11. The price has been increasing in the daily timeframe – going up by 5%. The daily trading volume is also increasing.
Iota (MIOTA) Technical Analysis
Despite the recent bullish momentum, Iota is still struggling. The market sentiment for cryptocurrency is bearish. Out of the total twenty-six technical indicators, thirteen are giving out a signal of the sell while ten stand at a neutral position with only three indications of buy.
The technical analysis for Iota does not show a promising future. The cryptocurrency has broken an up-trending line. The price level of $1.26 is a strong resistance where after a recent rejection, Iota crypto embarked on a downtrend. The cryptocurrency is expected to test major support levels soon by a trader. The first supporting price level can be found at $0.92 followed by $0.62 and $0.46.
Iota live on testnet
The co-founder of Iota Dominik Schiener has revealed that there have been significant developments in the testing of fully decentralized Iota network. The co-founder told his Twitter community that the Iota network has been live on the testament for several months now. On the testament, transactions on the iota network are free of costs. Pollen v0.5.5 is the initial part of Iota network’s three-phase strategy. The next part is Nectar which is expected to go live on Iota’s testnet in a few months. The organization behind Iota IOTA Foundation is going full-force with the developments of the network.