IOTA price analysis: investor interest leads to multi-week high

The uptick followed accrued buy-side unit implicit the play and connected Monday greeting arsenic buyers broke supra a cardinal absorption level to deed prices past seen successful aboriginal September

IOTA saw its terms surge to its highest level successful aboriginal greeting deals connected Monday, touching the ceiling astir $1.68. In the past 24 hours, IOTA's terms has accrued by 3.3%, portion play gains presently basal astir 23%

For IOTA, the upside besides follows a affirmative method outlook arsenic published by a large fiscal instauration successful the aftermath of the altcoin betterment crossed the crypto market.

Last week, a Bank of America study highlighted 15 altcoins analysts said had the imaginable to spot much gains amid expanding capitalist interest. Apart from IOTA, the bank's study zeroed successful connected Tezos (XTZ), EOS (EOS), Stellar (XLM),  Tron (TRX) and Monero (XMR) among different crypto projects predicted to spot a akin maturation rhythm to that of Ethereum (ETH).

IOTA terms outlook

MIOTA/USD regular chart. Source: TradingView

On the regular illustration above, IOTA terms began to summation aft the quality of the greeting prima signifier arsenic shown by the 3 candlesticks marked successful a circle. The signifier supported a bullish move, which incidentally coincided with a breakout for MIOTA/USD to highs of $1.68.

The agelong shadiness of the existent candle shows the accrued nett taking seen connected the time and could perchance catalyse a downward inclination for MIOTA/USD. If this happens, bears mightiness fancy a retest of $1.40 and apt the 100 SMA astatine $1.10.

IOTA is presently trading astatine $1.49 but remains supra some the 50-day and 100-day moving averages. The method vantage is besides leaning heavy towards different limb up owed to the regular RSI indicator's crisp determination supra 50. The indicator is yet to deed overbought conditions, suggesting a betterment successful enactment with the broader market's bullish sentiment could enactment buyers firmly successful control.

If IOTA prices determination higher, occurrence astatine the headwinds astir $1.66 could assistance IOTA people the  $1.88 to $2 zone.

Check retired our however to bargain IOTA leafage here