• Thu. May 30th, 2024

IOTA jumps by more than 8% on Monday: Will it rally higher soon?

The cryptocurrency market began the week poorly, but IOTA is performing excellently despite the bearish trend.

IOTA, the native coin of the IOTA network, is the best performer amongst the top 100 cryptocurrencies by market cap. IOTA has added more than 8% to its value so far on Monday.

The rally comes despite the broader crypto market experiencing a poor start to the week. The market has lost nearly 2% of its value in the last 24 hours, with the total market cap now around $920 billion.

Bitcoin is trading below $19k once again after losing more than 1% of its value in the last 24 hours. Ether, the second-largest cryptocurrency by market cap, has lost more than 2% of its value today and is now trading at $1,297 per coin.

IOTA’s rally comes a few days after IOTA’s technology would secure Project ALFRIED, one of Germany’s largest public-funded infrastructure projects.

Sharang Parnekar, a software and hardware engineer at ETO Gruppe Technologies, overlooking the ALFRIED project, revealed the first traffic pole prototype for the project a few days ago.

The ALFRIED infrastructure project uses the IOTA protocol as its core technology. Hence, making it a big win for the IOTA ecosystem.

Key levels to watch

The IOTA/USD 4-hour chart is bullish as IOTA has been performing well over the past few days.

IOTA/USD Chart By TradingView

The MACD line crossed into the positive zone on September 22nd and has remained there ever since. Thus, indicating strong bullish momentum for IOTA.

The 14-day relative strength index of 71 shows that IOTA could enter the overbought region if the rally continues.

At press time, IOTA is trading at $0.3046 per coin. If the rally continues, IOTA could cross the $0.3395 resistance level before the end of the day.

However, IOTA would need the support of the broader crypto market to rally past the $0.3635 level for the first time since August. 

Where to buy now

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