The price action for IOTA (MIOTA) over the last week has been on a seesaw of sorts. After surging over the past few days, the coin has tumbled 20% from weekly highs as downside pressure mounts on the alternative blockchain. MIOTA is also down nearly 13% from its price 7 days ago. But how is the overall long-term outlook? We will break it down but first, some highlights:
At the time of reporting, IOTA (MIOTA) was trading at $1.29, down nearly 5% in 24-hour intraday trading.
Despite the price decline, the token has also reported massive daily trade volume, seeing a surge of 78%.
MIOTA is still above its 20- and 50-day moving averages, suggesting an uptrend is feasible in the near term.
Data source: Tradingview.com
IOTA (MIOTA) – Price action and analysis
2021 was a huge year for IOTA (MIOTA). The token saw incredible growth, and there are reasons to suggest that 2022 won’t be any different. The price action however over the past few weeks suggests that we may start to see some short-term volatility.
In fact, after tumbling 20% from this week’s highs, MIOTA has largely traded sideways. It has, however, managed to break past the $1.129 resistance. We are now watching to see if it can test the overhead resistance of $1.6. But if bear pressure continues, we could see the token retracing its support towards $0.95.
Why you should buy IOTA (MIOTA)
IOTA (MIOTA) has been making some decent moves recently. The platform, which acts as an alternative to traditional blockchains, introduced smart contract capabilities that will allow developers to create DApps using the IOTA ecosystem.
This is huge, but we are checking to see just how developers will react to the news. If there is more developer adoption (which is likely), then IOTA is going to grow and as such, it is a great buy.