The IOTA (MIOTA) price has been capable of breaking out short term. The crypto platform is relying on a continued backing, and as a result, the bulls have gained some power in the market. During the first half of August, the price of MIOTA slumped by more than 50%. Due to this sharp fall in the price of the coin, the support was formed.
As a result, at present, the price of MIOTA is up by 4% and trading at $0.495 USD close to the day’s high. The price is close to the breakout point. And as a consequence, once the price breaks out, MIOTA could go up by up to 10%.
Long-Term Price Analysis
Without an iota of doubt, the bullish break happening now is an excellent development. It will surely save MIOTA from the pressures of a bearish market. This bearish pressure has been a stumbling block to the upward movement all throughout this week. The longstanding trend-line has provided the crypto a helping hand, effectively functioning as resistance. This is not the first time that trend-line acted as such. During the past, this long-term trend-line has in fact served as a sturdy resistance.
As a result of the support, the price movement is optimistic. Consequently, MIOTA is now trading in the bullish area. In case the bulls manage to maintain their grasp against the bears this week, the price may reach a high during the coming week. Alternatively, if the bulls lose their power, it is a certainty that the bears will recapture the market. As a result of this, the MIOTA price may fall very low in the future trading sessions.
MIOTA, Not the Only Crypto Facing Market Difficulties
MIOTA is not the lone cryptocurrency confronting difficulties in the market. The last 2 weeks have been exceedingly poor for all cryptocurrencies. This was the time when Bitcoin fell below the $6,500 USD point.
Nonetheless, this is the most excellent opportunity to build up your collection and purchase as many digital assets as you can. After all, remember that IOTA is among the most dependable ventures in the market. The market is, in fact, taking a downturn. Hence, now is the best time to buy the crypto. As a result of this, you can easily maximize your investment. Undoubtedly, the final quarter of 2018 could be wonderfully lucrative for the cryptocurrency industry.
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