The crypto market started this month with a major upswing, as bitcoin has finally shown promise of holding and maintaining $50K, while ethereum is $500 short of reclaiming its all-time high. This market performance has enabled various altcoins to make massive gains. Among the coins that have made double-digit gains in the past 24 hours is MIOTA.
MIOTA is trading at $1.84 at the time of writing after a 14.3% gain in 24 hours.
MIOTA Price Analysis
The current MIOTA upswing has enabled the coin to move to new highs. During the past 24 hours, MIOTA has managed to break past the major resistance of $2.04, but it was rejected shortly after. The coin is currently on a monthly high, which has been attributed to market and buying support.
If the upswing continues, we could see MIOTA breaking past the next major resistance level of $1.90. This will create another possibility for the coin to rally towards $2 and beyond. Whilst MIOTA’s all-time high is still far from being achieved, the support from the broader market could lead to these new highs if a bullish sentiment holds in the coming months.
Looking at MIOTA’s price action in the past 24 hours, the coin has failed to hold levels above $2. After hitting $2.04, the coin has been on a slump, and if buyer support weakens, we could see the coin push even lower to retest the support level at $1.78. However, retesting support levels could enable the coin to enter a strong bullish phase.
The overall market sentiment has been optimistic, and hence we could see altcoins such as MIOTA heading towards new highs. Besides, blockchain adoption has been picking up, and if we see the IOTA blockchain gaining adoption in the market, the value of MIOTA could be headed towards new highs.
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