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MIOTA Price Rises 12% To $0.276 On IOTA’s Increasing Development Activity

MIOTA Price Logogo
MIOTA Price Logogo

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MIOTA price was trading at $0.2678 with a bearish bias, 1.54% up in the last 24 hours. The token that powers the IOTA protocol has been rising over the last couple of days posting as much as 12% gains on Monday alone hitting a high of $0.276, levels last seen in November.

The recent uptick points to increasing investor confidence in the IOTA protocol as it becomes one of the top-ranked platforms with respect to development activities. It is expected that such positive fundamentals could scale MIOTA’s price higher.

IOTA Ranks 5th Largest Protocol On GitHub

IOTA, a platform built on distributed ledger technology (DLT), remains one of the highly functional and growth-oriented development protocols for enterprise use. The protocol is deeply rooted in International Association for Trusted Blockchain Applications (INATBA) which is working to bring about thoughtful social impact reforms as concerns blockchain protocols.

The IOTA foundation, the non-profit entity behind the project, has been focused on developing highly specialized use cases for DLT since its launch in 2016. While the journey has been filled with a number of challenges ranging from market downturns and increasing regulatory scrutiny, particularly over the last year, IOTA remained focused on initiatives that can help promote the adoption of the new technology. 

Based on its activities on GitHub, IOTA has ranked the fifth largest protocol with respect to development activities. The DLT protocol has recorded an average of 507 daily activities over the last 12 months. IOTA came in only behind Cardano (894), Polkadot and Kusama (790), Status (597), and Ethereum (511) as the most prominent blockchain protocol.

IOTA protocol is also a founding member of INATBA which focuses on bridging the gap between policymakers and regulators, and startups to create workable solutions to critical social challenges and as a result, fuel the growth and adoption of the emerging blockchain technology.

As such, IOTA played a vital role in some of the most important initiatives of the body in 2022. One of the INATBA works that the IOTA foundation made significant contributions to was the Social Impact & Sustainability Working Group (SISWG). SISWG is dedicated to using resources to unearth the challenges and opportunities facing blockchain protocols as it relates to social impact.

As IOTA aligns itself with such collaborations, it comes out as a trusted platform that developers can build in. Is this enough to scale the price of its MIOTA toke higher?

MIOTA Price Trades In A Significant Zone

MIOTA price trades withing a key price range stretching from $0.2408 to $0.2765. The significance of this zone is that it plays both as a supply zone and a demand zone. Note that in September, the IOTA price broke out of this territory, staging a 36% rally to set a high at $0.3288. However, in November, the price turned down from the same zone, plunging 43% to set a swing low at $0.1553.

However, the current technical setup favors a movement from this demand area to the upside. Note that the MIOTA was sitting on major moving averages (MAS) which provided strong support areas on the downside.

In addition, just like the MAs, the Moving Average Convergence Divergence (MACD) was moving upward above the neutral line, suggesting that the market sentiment was still bullish. Note that the call to buy MIOTA which was sent on February 19 when the MACD line (blue) crossed above the signal line (orange) was still in play, adding credence to the bullish narrative.

Furthermore, though the position of the Stochastic RSI at $87 painted overbought conditions, it showed that there was still more room for the upside. As such, increased buying could push the price higher before this oscillating indicator gets to 100.

MIOTA/USD Daily Chart

MIOTA Price Chart - Feb 21
TradingView Chart: MIOTA/USD

As such, this DLT token may rise from the current price to confront resistance from the upper limit of the price range at $0.2765, embraced by the upper boundary of the ascending parallel channel. If this happens, it would clear the path for the crypto to climb higher; first to the $0.3288 range high and later toward the August 11 high above $0.3707. This would represent a 38% rally from the current levels.

On the downside, overbought conditions may initiate a trend reversal with the MIOTA price dropping to the $0.26 immediate support provided by the middle boundary of the channel. Breaching this support could see a drop to the $0.2408 support floor. This is a very significant support level because it is where the lower limit of the demand zone, the 200-day Simple Moving Average (SMA), and the lower boundary of the channel converged. 

Therefore, losing this support would initiate massive sell orders and the ensuing selling pressure could see MIOTA drop below the 50 and 100 SMAs to revisit the $0.1563 swing low, undoing all the gains made year-to-date. 

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