Iota Continues to Stay above $1 with a 9.99% Increase
Iota is having a good week, seeing great gains over the last few days after a bumpy start on Monday. It is up to $1.11 (IOTA/USD) as of this writing. That is an increase of $0.11 since yesterday’s low of $1.00.
Like much of the cryptocurrency market, Iota hit a rough patch on July 20th, but it has done an exemplary job of recovering. The cryptocurrency has been grabbed by the bulls and continued to rise since the 20th. It hit a low of $0.578 on the 20th and started to recover the next day.
Week by week, the crypto has gone up, performing very well but not with a continuous increase. We’ve seen a few dips here and there, giving investors a great opportunity to buy low and sell high. The question at this point with Iota is how far can it go? If there’s an opportunity to buy cheap every week before it shoots back up, that’s a predictable cryptocurrency that makes a great investment for people who want to play it safe.
What Is Iota’s Potential?
Iota doesn’t have the mainstream clout that something like Bitcoin or Ethereum enjoys. That means it’s less likely to be dangerously volatile. The volatility is at 1.06 right now, but it has proven fairly predictable over the last few weeks. That could change at any time, however.
Iota fell off in late June, dropping below the $1 resistance level and staying there for much of late June and all of July. The crypto has struggled with that $1 level for some time, but now it is back to where it was in late June before the drop off. The next resistance level is $1.20, and the last time Iota was there was back in the beginning of June.
Does this digital coin have the potential to cross the $1.50 level? That would be back to where it was before May’s steep decline, impacted by an industry crash. The bulls would have to keep hold of this crypto for some time to see it get back to that point, but with the crypto market looking favorable at the moment, that could happen over the next few weeks. More likely, Iota will peter off somewhere around the $1.20 level and find a steady balance around that range for some time.
We will definitely keep you updated on how this crypto is performing in the coming weeks.
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