IOTA Prize shows promising performance in early June 2021

IOTA has both a definitive application as well as a droving faithful supporter - could this mean a bullish June for Iota?

at the end of 2020 and early 2021 brought a massive price growth for many cryptocurrencies. Some have reached and exceeded their old all-time highs (ATHS), sometimes only slightly, sometimes even a lot. Most people are aware that Bitcoin's ATH achieved in 2021 is three times higher than the previous one, which was reached in 2017.

However, there were also coins that grew more slowly. One reason may be that investors were more careful, another, that they simply didn't attract as much attention as the Heavy Hitters. An example is IOTA (MIOTA), which has not yet reached its previous ATH, which was reached in January 2018.

IOTA price in 2020 and 2021

After his ATH in 2018, Iota fell for a whole year and finally stabilized at around $ 0.30. It spent the next two years with relatively low fluctuations, most of the time, and three different occasions in which it rose somewhat higher than usual. This happened in June 2019, February 2020 and August 2020. Every time there was strong bull activity in the crypto sector, and most coins recorded much larger climbs in these periods.

Source: Coinmarketcap

IOTA was ignored by the bull run at the end of 2020, the BTC attributed to its old ATH and then for the first time to $ 30,000. In fact, IOTA only began to wake up in January 2021, but even then it only managed to achieve $ 0.42 before growth stopped. Fortunately, the coin remained at this high level until the beginning of February, then it rose to $ 1.48 and rose almost by four weeks in less than three weeks.

Finally, the coin reached a three -year high on April 16 when it climbed to $ 2.53. After reaching such a high level, he also fell quite strongly when his price was rejected and sank to $ 1.60. This decline was followed by two more failed attempts to return to resistance at $ 2.40, since the coin only reached $ 2.20 both times.

Source: Coinmarketcap

In mid -May the crypto industry began to see the bear wave, which halved the price of Bitcoin, but Miota suffered an even greater loss in percentage. It went from USD 2.20 on May 9 to $ 0.90 on May 22, which corresponds to a decline of almost 60%. In the next few weeks, however, he began to recover in particular at the beginning of June, which made it possible for him to rise to USD 1.30.

IOTA price forecast

IOTA now has a good chance of continuing its growth due to the strong emerging fundamental data after the crash in May. Recently it was reported that the project has introduced its new development network (Devnet), which was largely considered an excellent step because it brings a step closer to the full decentralization project.

The new Devnet is also known as IOTA 2.0 or 'Nectar'. Further reports have shown that the network's first tests were promising and the foundation for the future growth of IOTA is laid.

Source: Tradingview

Since IOTA grew less slowly during this bull cycle than the rest of the cryptom market, it may have been less "overheated" than Bitcoin and Ethereum, whose non-sustainable growth rates led to many long-term trend and support lines.

Despite the capitulation but which they break through, there must be a day closing under the long -term trend line of IOTA. This may promote good for June, as it creates an interest bullish ascending triangle pattern on the daily chart. The daily RSI of IOTA also seems to recover.

This properly strong technical image and healthy fundamental data have led to some bullish predictions from experts. tradingbeasts , for example, believe that the coin will reach USD 1.60 by the end of June, with an upper estimate of over $ 2 until the end of 2021.

Wall Exchange Investor has shared a similar but more careful view. Her 1-year forecast says that IOTA could go back to $ 2 in one year, and her 5-year forecast forecast IOTA just below $ 5 per coin. As far as the Juni forecast is concerned, the project assumes that IOTA will fluctuate between 1.20 and $ 0.95 and will finally fall under this support in the second half of the month, up to $ 0.725.

It is clear that the development and progress of IOTA are valued by the crypto community, although the general mood on the market is still extremely pessimistic. A goal of USD 1.60 was determined by experts in the end of June, and this would mean a 50%rally for IOTA if it were taking place.

Please note that the details given above are exclusively a personal opinion of the author that is derived from the relevant market data. None of this is to be understood as direct investment advice.