The entire cryptocurrency market suffered big losses over the weekend and early this week. However, the market rallied today and the MIOTA/USD pair has risen nearly 17% in the past 24 hours ahead of a return to its three-day high for the month. The rally was driven by the broader market: Bitcoin, Binance Coin and Ethereum were trading in the green.
MIOTA Price Forecast
The 4-hour chart of MIOTA/USD shows the cryptocurrency trading at $2.2063, above the 100-day simple moving average of $2.026.
MIOTA was able to hold strong support at $1.828 yesterday, rally and establish new support at $1.99 and $2.12. If the trend continues, MIOTA will try to break through the next resistance around $2.30, which could push it to a weekly high at $2.6773.
MIOTA/USD 4 hour chart. Source: Coincide
The MACD line is currently in bullish territory, while the RSI above 50% suggests that the crypto-currency could extend its bullishness in the coming hours. MIOTA will need help from the broader market if it is to recapture last week’s high.
However, if the market reverses and the bears regain control, MIOTA/USD could slip towards the $1.99 zone. The bulls will then be forced to defend support at $1.80 for the second time this week.
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