IOTA price makes a comeback after being rejected by a strong resistance

IOTA price makes a comeback after being rejected by a strong resistance
  • IOTA is on its way towards its strongest resistance level after being rejected in mid-June.
  • The coin has recovered a fair portion of the price it lost, although it is far from being back at the top.
  • For now, IOTA seems to be growing strongly, although it remains to be seen if it can breach the resistance.

IOTA has been going strong during the past few months, while trying to see its price recovered from a major crash. However, along the way, it ran into a rather strong resistance that rejected its efforts to grow. Even so, the coin’s price doesn’t seem to be giving up, and its new behavior indicates strength.

IOTA in 2020

IOTA (MIOTA) started 2020 with a price of $0.16, although it quickly started moving up, meeting, and breaching one resistance level after another. It was briefly stopped by a resistance at $0.24, although it managed to breach one as well, before long.

By early February, the project hit its YTD high after breaching the resistance at $0.32. It kept going up, reaching its peak at $0.36. However, while it did have a strong momentum, it did not manage to stay so high up for long.

Its resistance oat $0.32 quickly rejected the price, but IOTA made another attempt at breaching it only days later.

While it did go above this level, it was brought back once again, this time with a much stronger price rejection. The coin crashed to $0.25, which is where a strong support used to be. Unfortunately, this support was broken as well, and IOTA soon found itself below $0.24 level, which has since become its strongest resistance.

While recovering from the drop, the mid-March price crash took place, causing the coin to go hit a new yearly low at $0.10. Fortunately, since then, IOTA has been on a road to recovery, and while it struggled with each new level, it kept breaking them one by one between mid-March and early June.

IOTA on the rise: Can its price breach the barrier?

By June 3rd, IOTA found itself back at the resistance at $0.24, although it ended up being unable to breach this level. However, the token kept close to it, waiting for its opportunity. Eventually, its price was rejected yet again, and it dropped to $0.20.

Even so, MIOTA seems determined to return and test its resistance yet again. At the time of writing, its price sits at $0.214, after seeing a 3.7% growth in the past 24 hours. This positive movement could result in IOTA breaking the resistance at $0.24 if it manages to gain enough momentum. If this happens, the coin would be free to go further up, and perhaps even make a new yearly high.

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.
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