Following some failures along the way, the IOTA Coin team has been trying to reclaim some of its old glory prices by several updates in recent months. they need positively impacted the price of the native cryptocurrency.

IOTA price entered the New Year at about $0.30 but has skyrocketed by roughly 400% to its current price tag of $1.45. Naturally, the IOTA’s market cap has also expanded to over $4 billion, and the IOTA coin is placed within the top 30 coins by that metric.

IOTA price trying to reclaim its old glory

Nevertheless, the IOTA price remains unable to break its all-time high of $5.25 marked in late December 2017, unlike many other crypto coins. As of writing these lines, the digital asset is about 70% far away from its peak.

An ascending channel was visible on IOTA’s 4-hour timeframe after the price bounced back from $1.27-support. although this pattern sees the price surge above multiple levels, there was a degree of skepticism in the market. 

This arose from the actual fact that the OBV did not recover since registering a sharp drop over a week ago. Without the presence of buying pressure, a breakout above the following ceiling at $1.70 was unlikely.

Moreover, a bearish crossover was spotted on the MACD and therefore the bulls were at risk of losing out to the press-time support. Considering low buying activity, IOTA was expected to stay restricted below $1.76 a minimum of over the short term.

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