MIOTA Price Analysis: Climbs Higher Amid Market Retracement, IOTA Forges Ahead With E-Commerce Decentralized Identity

• IOTA (MIOTA) is one of the few assets with an intact uptrend, after climbing for the 7th consecutive day
• At the time of writing, IOTA was trading at $0.836, up by 13.90% in the past 24 hours and 43.52% on a 7-day basis
• IOTA brings on a new era of decentralized identity

Bulls decided to take a breather across the cryptocurrency market earlier, however, the overall uptrend remains intact. IOTA (MIOTA) is one of the few assets with an intact uptrend, after climbing for the 7th consecutive day. At the time of writing, IOTA was trading at $0.836, up by 13.90% in the past 24 hours and 43.52% on a 7-day basis with a present market capitalization of $2.41 billion. Michele Nati, Head of Telco and Infrastructure Development at the IOTA Foundation in a recent interview explains how IOTA brings on a new era of decentralized identity. He stated ”We are also testing the decentralized identity, not only for persons but also for a company” while hinting at IOTA’s innovation action project called ENSURESEC. The top exec also believes in ”a complementarity” between centralized and decentralized ID systems.

Key Levels
Resistance Levels: $1.5000, $1.2891, $1.1000
Support Levels: $0.7000, $0.5717, $0.3461

IOTA/USD Daily Chart: Ranging

IOTA/USD Daily Chart

IOTA started a fresh increase after testing the $0.57 support on July 20. IOTA price continued to rise, marking the 7th consecutive day in the green. There was an approach towards the MA 50 at $0.852 with the digital asset spiking above the key barrier on July 27, reaching highs of $0.903. The momentum indicators are confirming the recent bullish movement with the RSI entering the positive territory at 60.

A sustained move above the MA 50 to reach the MA 200 at $1.20 could take the IOTA/USD pair towards the $1.50 level before flirting with the $2 psychological handle. More increases could send the bulls to retest the $2.27-$2.50 range ahead of the yearly high at $2.74. Alternatively, a dive beneath the MA 50 at $0.852 could cause a retest of the $0.57 support.

IOTA/USD 4-Hour Chart: Ranging

IOTA/USD 4-Hour Chart

Looking at the 4-hours chart, the IOTA/USD pair remains well bid above the $0.767 level or the 4-hour MA 200. There is also immediate support forming near the $0.822 level. A price retracement could lead the IOTA/USD pair towards the main support at the MA 200 ($0.767) IOTA has clustered support levels on the approach to the MA 50.

If bearish traders plunge beneath the MA 50 currently around $0.706, the support levels at $0.642, $0.629, and $0.573 may come to the bulls’ rescue. On the upside, the IOTA/USD pair is now trading above the moving averages of 50 and 200. If it remains stable above the MA 200 at $0.766 and above $0.90, there are high chances of more gains towards the $1.5 and $2.5-$2.74 levels. To summarize, a sustained move above the moving averages cements the bullish outlook.

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