IOTA: the price today rises by 15%
IOTA: the price today rises by 15%
Trading

IOTA: the price today rises by 15%

By Federico Izzi - 29 Apr 2019

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Today, among all the cryptocurrencies, IOTA (MIOTA) stands out in sharp contrast with a price rise of about 15%, characterised by peaks of up to 20% in the last 12 hours.

IOTA chart by Tradingview

Such a pronounced rise is to be welcomed by the announcement of the car company Tata Motors, which controls Jaguar and Land Rover. The company will use the IOTA token to reward the activities of drivers who will share traffic data and information on the territory, through a wallet that will be made available on newly designed cars.

The rise in IOTA pushes prices to the relative highs of early April, trying to recover what happened between Wednesday and Thursday which pushed the price of IOTA close to 23.5 cents of a dollar, reviewing the lows of early February, a weakness that continues to cause concern.

The technical structure of IOTA remains in a bearish lateral context that will only be swept away if prices recover 37 cents of a dollar. At this moment, it’s at 31 cents. A rise that doubles the current levels would give the momentum that fans of this innovative crypto have been waiting for some time.

Source: COIN360.com

The situation remains delicate. The repercussions of the Bitfinex-Tether case have not been particularly felt in the weekend that has passed with a prevalence of negative signs but not particularly disastrous. On a weekly basis, the balance is negative for all the first hundred crypto with the highest capitalisation, except for IOTA which, thanks to the rise in the last few hours, is just above the parity threshold.

Total capitalisation falls below $170 billion. The dominance of bitcoin remains hooked to 55% with Ethereum remaining weak below 10%. Ripple manages to recover a few decimal places, returning to the threshold of 7.3% of the market share.

Bitcoin chart by Tradingview

Bitcoin (BTC)

The spread of over 5% on bitcoin prices in intraday trades continues to be evident. The reference price remains Bitfinex, with prices holding above the $5,400 threshold. Medium-term support remains at $5,000, which has been tested several times over the weekend on other exchanges.

In this particular phase of the market, with the adversities that are hitting one of the major exchanges (until a few months ago the first for bitcoin exchanges), it would be too ambitious to go and look for a break in resistance. It will be important to follow the holding of the supports. The main support is the 5,000 level, whereas on a monthly basis there’s the $4,800.

Ethereum chart by Tradingview

Ethereum (ETH)

Last week’s downturn sank Ethereum’s prices with decreases of 20% if we consider the highs of the first decade of April. The prices are trying to recover the 165 dollars but in the meantime, they are trying to secure the 160 dollars.

The market phase remains fragile. Ethereum had already given indications of weakness before the Bitfinex-Tether scandal. It’s important for ETH to stay above $155. A drop would trigger the $135 test level. Upwards, like for bitcoin, it is necessary to look for confirmation of the seals of the supports rather than aspire to a breakage of the resistance levels, which remain at 175 and 188 dollars.

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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