IOTA price finally breaks a strong resistance, continues going up

Written by

Updated on Jun 15, 2024

Reading time 2 minutes

IOTA price recently started surging up, which allowed it to break through a number of strong resistances.
Current market rally did allow it to improve its position, IOTA started growing days ago on its own.
The coin is now at a critical position where it could keep surging, or it might start seeing a correction.

IOTA (MIOTA) price has seen a major recovery in the past several months, following the mid-March price drop. After reaching $0.36 in February, the coin dropped to $0.099 by March 16th. What followed was month after month of growth, with an occasional price rejection when the coin hit a major resistance.

One such resistance troubled it for quite a while, but MIOTA finally broke it quite recently.

IOTA sees major growth

The crypto market currently sees another rally, which started only hours ago, allowing multiple coins to surge. However, in IOTA’s case, the token has been growing rather strongly for four days, now.

Its surge came after the coin dropped from a resistance at $0.25 to a support at $0.24. MIOTA sat at this support for as long as three days, not moving either above it or below it.

Then, on July 19th, the coin finally managed to gather enough strength to once again surge up.

While it slowed down yet again after reaching $0.25, this time, the level got broken without posing too much resistance.

Immediately after that, the price shot up to $0.27. Now, this level acted as a bit of a stronger resistance, which caused the price to drop back down to $0.26. However, IOTA still had quite a bit of strength left, and it came back for the second time, this time managing to breach the level.

For about a day or so, it remained rather close to it, and many were wondering whether its price will be rejected after all. That was when the new market-wide rally took place, causing MIOTA to spike up once more, and go up to $0.284.

The price got rejected after hitting this level, and it dropped to $0.282, which is a minor fall. But, despite this development, IOTA is once again preparing to keep going further up.