- IOTA, due to its application in the Internet of Things (IoT) and DLT, has been gaining attention as digital assets regain momentum.
- The launch of the IOTA Rebased mainnet this year could boost the token’s adoption as the network’s utility increases.
On Tuesday, February 11, IOTA (IOTA) made a significant technical move by retaking a critical higher timeframe (HTF) support level, according to market analyst Pentoshi on Twitter. This occurred when IOTA’s price reached $0.245, which may be a sign of a change in the trend to the upside. In the past, such support flips have been critical in price trends, often resulting in strong upward movements.
Crypto Expert Offers IOTA Price Analysis
Pentoshi went on to identify the potential price range between $0.27 and $0.28 and projected the upside to be around 10-14% from current levels. Since this IOTA price action is accompanied by a broader market recovery, renewed investor confidence in cryptocurrencies is showing strong fundamentals, as outlined in our recent blog post.
IOTA, due to its application in the Internet of Things (IoT) and DLT, has been gaining attention as digital assets regain momentum. The technical shift in IOTA’s chart pattern is aligned with the growing optimism in the crypto market.
Following the HTF support flip, IOTA observed increased trading. Trading volumes had risen by 35% within 24 hours, with total volume reaching $45.85 million at the time of writing on February 11, as shown on data from CoinMarketCap. Trading interest indicated increased market participation, showing traders responding to the price action. Furthermore, there was improved liquidity on Binance’s IOTA/USDT pair; the bid-ask spread narrowed to 0.0002, which meant there was a more effective trading environment.
Market participants were closely monitoring the flipped support level at $0.24, and most traders were making adjustments based on this price action. Risk management approaches included placing stop-loss orders slightly below the $0.24 mark to mitigate potential downside risks while targeting the anticipated price range of $0.27 to $0.28.
The price movement and surge in trading volume underscored market interest in IOTA’s trajectory. As trading conditions evolved, investors and analysts remained focused on how the asset would respond to key resistance levels in the coming sessions.
Derivatives Data Shows Optimistic Picture
Today, IOTA’s open interest surged significantly, indicating growing interest among traders and investors. As of writing, the IOTA open interest soared 10.72% to $29.62 million in the last 24 hours, according to data from Coinglass. Furthermore, the short liquidations hit $43,430, signaling imminent buying pressure. The short liquidations could benefit the IOTA price in the short term.
Also, the launch of the IOTA Rebased mainnet this year could boost the token’s adoption as the network’s utility increases, as mentioned in our previous news article. Hence, the team is speeding up the launch of the mainnet after the successful introduction of the public testnet and DevNet.
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