Original Post – https://themerkle.com/iota-price-breaks-4-25-resistance-with-relative-ease/
All Credits to JP Buntinx
It is safe to say the final weeks of 2017 and early 2018 have been pretty interesting for IOTA. Although it seemed this altcoin was tanking in value, the IOTA price has shot up again to surpass $4.20 earlier today. It is evident the year 2018 may hold quite a few surprises, although it remains to be seen how things will play out. For now, the IOTA price is moving up strongly, although things can always change at any given moment.
IOTA PRICE IS ON THE MOVE AGAIN
In most cases, a stagnating Bitcoin price would be quite problematic for the vast majority of altcoins. This has been a dreaded scenario for quite some time now, even though it appears the “dominance” of Bitcoin is far less of a factor these days. In fact, we see altcoins go up in value regardless of what Bitcoin is doing at that time. Especially the IOTA price has noted some strong gains these past few days, both in the USD and BTC department. Rest assured there is still some gas left in the tank to keep pushing forward.
To be more specific, the IOTA price has risen to $4.27 once again. That is quite a relief to many long-term holders of this altcoin, as it appeared the value was headed for $2.50 not that long ago. At its lowest point in the past week, the IOTA price hit $3.01, which created an excellent buying opportunity for most people. Ever since that time, we have seen a relatively solid uptrend for IOTA again, culminating in the push past $4 and $4.20 respectively.
Although the IOTA price was valued slightly higher a few hours ago, it seems to be a matter of time until $4.35 is broken again. All cryptocurrency markets are flourishing as we speak, although there is still an overall bearish sentiment in the Bitcoin market. Whether or not this will have any major effect on the IOTA price moving forward, remains to be determined. For now, the market looks pretty healthy, even though the trading volume is still on the low side.
More specifically, IOTA has seen a trading volume of $342m in the past 24 hours. Although that is a respectable number, we know this altcoin is capable of achieving so much more. It will be interesting to see if the $500m in volume will be surpassed later today, especially now that the IOTA price is appreciating pretty nicely. There will always be people looking to take profit and exit their position, No major changes are expected in terms of the IOTA price being pushed down, though, but the market remains very unpredictable at this point.
With a few new exchanges adding IOTA in Q4 of 2017, the rankings based on trading volume look slightly different as well. Binance is now the go-to market for IOTA, although Bitfinex is hot on their tail. In fact, both exchanges have two trading markets in the top four, with only one of them being related to fiat currency. OKEx completes the top five. Further down the list, we see two other Bitfinex markets, Binance’s BNB pair, OKEx’s USDT pair, and CoinFalcon. A very interesting list, although it is evident some other exchanges would be welcome. Coinone is also adding some good volume, yet Coinmarketcap has excluded their price and volume for the time being.
For the time being, it is unclear how all of this will play out moving forward. There is enough momentum to keep the IOTA price moving toward $5 again. Whether or not that will happen today, is anybody’s guess. In the world of cryptocurrency, nothing is impossible and one should expect the unexpected. What that means for IOTA exactly, is unclear, but rest assured a lot of people will keep a close eye on the market moving forward.