The slight bullish sentiment across the broader market has triggered an increased demand for cryptocurrencies. This demand has led to increased prices of altcoins, with some of these making double-digit gains. MIOTA is among the altcoins making incredible gains.
The coin has increased by 12.9% in 24 hours and is trading at $1.03 at the time of writing.
MIOTA Price Analysis
MIOTA’s gains in the past week have enabled the coin to increase and go past the $1 mark. Most of these gains have been attributed to market support, as the uptrend started in late June when crypto market bulls kicked in.
If the uptrend continues, we could see MIOTA heading towards an even higher level of $1.20 and beyond. Strong buying support could also lead to the coin breaking past the two-month high of $1.30 created in June. Market support continues to show strength, given that BTC has broken past $46K.
On the other hand, MIOTA could fail to register an upswing, in which case we could see a trend reversal in the coin’s performance. If there is a further downtrend, we could see MIOTA head lower to retest the support of $0.90. This could enable the token to make another bullish rally.
Recently, the IOTA Tangle network gained a significant adoption after being selected by the Secure Sensor Platforms for Smart Energy Networks (SUSEE). The research project sponsored by SUSEE will develop a scalable platform to build secure and reliable sensor networks using IOTA-based solutions.
IOTA is a distributed ledger technology that records and performs transactions between devices using an Internet of Things (IoT) framework. The ledger is powered by the MIOTA cryptocurrency, which accounts for all transactions on the network. IOTA also created Tangle, a node system for confirming transactions. According to the company, Tangle processes transactions faster than most blockchains.
Where to Buy MIOTA
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