IOTA has enjoyed a stellar week, but the cryptocurrency is now consolidating alongside the broader crypto market
The general cryptocurrency market has enjoyed a stellar week so far, with prices of most cryptos up by 10% or more. IOTA is one of the top performers, rising by 20% over the past seven days. However, after a rally comes a consolidation period and the prices of most cryptos are currently in the red zone.
Bitcoin has dropped towards the $45,000 mark after crossing $46,000 yesterday, while Ether dropped below $3,200. IOTA reached a weekly high of $1.121 yesterday but has pulled back and is now trading just below $1.040 per coin.
While the market might be consolidating at the moment, the general outlook remains positive, and analysts and market experts are confident of the medium and long-term performance of cryptocurrencies.
IOTA price outlook
The IOTA/USDT 4-hour chart remains bullish despite the cryptocurrency currently trading in the red zone. At the time of writing this report, IOTA is down by 1.29% over the past 24 hours but remains up by 20% in the past seven days.
The bulls will have to defend the first major support at $0.9952 if they stand a chance of reversing the trend and continuing the rally. IOTA’s 4-hour 100 simple moving average ($0.8944) should limit further downward movement over the coming hours. Unless there is an extended market sell-off, IOTA should steer clear of the second major support level at $0.8763.
IOTA/USDT 4-hour chart. Source: Coinalyze
In the event that the bulls regain control of the market, IOTA would need to cross the resistance level at $1.0956. A movement past that point would bring the next major resistance at $1.12 into focus, giving IOTA enough momentum to set a new 30-day high. If the broader market embarks on an extended rally, IOTA could look to surpass the $1.16 resistance level in the coming hours or days.
IOTA has loved a stellar week, however the cryptocurrency is now consolidating alongside the broader crypto market
The overall cryptocurrency market has loved a stellar week up to now, with costs of most cryptos up by 10% or extra. IOTA is without doubt one of the prime performers, rising by 20% over the previous seven days. Nonetheless, after a rally comes a consolidation interval and the costs of most cryptos are at the moment within the crimson zone.
Bitcoin has dropped in the direction of the $45,000 mark after crossing $46,000 yesterday, whereas Ether dropped beneath $3,200. IOTA reached a weekly excessive of $1.121 yesterday however has pulled again and is now buying and selling slightly below $1.040 per coin.
Whereas the market is likely to be consolidating in the meanwhile, the final outlook stays constructive, and analysts and market specialists are assured of the medium and long-term efficiency of cryptocurrencies.
IOTA worth outlook
The IOTA/USDT 4-hour chart stays bullish regardless of the cryptocurrency at the moment buying and selling within the crimson zone. On the time of scripting this report, IOTA is down by 1.29% over the previous 24 hours however stays up by 20% prior to now seven days.
The bulls must defend the primary main help at $0.9952 in the event that they stand an opportunity of reversing the development and persevering with the rally. IOTA’s 4-hour 100 easy shifting common ($0.8944) ought to restrict additional downward motion over the approaching hours. Except there may be an prolonged market sell-off, IOTA ought to keep away from the second main help degree at $0.8763.
IOTA/USDT 4-hour chart. Supply: Coinalyze
Within the occasion that the bulls regain management of the market, IOTA would want to cross the resistance degree at $1.0956. A motion previous that time would deliver the subsequent main resistance at $1.12 into focus, giving IOTA sufficient momentum to set a brand new 30-day excessive. If the broader market embarks on an prolonged rally, IOTA may look to surpass the $1.16 resistance degree within the coming hours or days.