IOTA Improves Its Position, Breaking A Strong Resistance: Price Analysis

IOTA improves its position after finally breaking a strong resistance and continuously going up, as we are reading more in the IOTA news crypto.

The current market rally didn’t allow it to improve the position as the altcoin started growing a few days ago on its own. The coin is at a critical position where it could keep on increasing or it could start seeing a slight correction.

iota daily chart — IOTA (MIOTA) Daily Chart (Source: Invezz.com)

Now, IOTA improves its position as the price saw a major recovery in the past few months following the mid-march price drop. MIOTA reached a $0.36 price position back in February as the coin dropped to $0.099 by March 16^th. It later followed a monthly growth with a temporary price rejection when the coin reached a huge resistance level. One such resistance troubled it for a while but MIOTA Broke it quite recently. The market saw another rally which started a few hours ago, allowing other coins to surge as well. In this case, however, the token was growing stronger for four days now.

IOTA’s surge came after the coin dropped from the resistance of $0.25 to support of $0.24. MIOTA sat a support level for as long as three days and didn’t move above or below it. On July 19^th, the coin finally managed to gather a lot of strength to surge again. While it slowed down yet after reaching $0.25 but the level got broken without posing a lot of resistance. Right after that, the price increased to $0.27 and this level served as a strong resistance which caused the price to decrease to $0.26. However, IOTA had quite a bit of strength and came back for the second time and managed to even go over this level.

IOTA chart — IOTA (MIOTA) Weekly Chart (Source: Invezz.com)

For about a day, the coin remained close and many were wondering whether the price will get another rejection after that. This happened when the new market-wide rally happened which caused MIOTA to increase again to $0.284. The price got rejected after reaching a new level and it dropped to $0.282 which is only a slight drop. However, after this development, IOTA is once again trying to keep it up.

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