IOTA is on a bullish run lately. The altcoin had an impressive run in the last couple of months – it rose from 0.3 in February to 1.8 two months later, fueled by investors’ optimism in the digital space.
Coinbase just announced its Q1 earnings earlier this week, and the outlook for the cryptocurrency market cannot look more bullish. The company made $1.8 billion in revenue in the first quarter, having 56 million verified users.
More impressively, 13 million of those users were added in the first three months of the year. Therefore, participation and interest in the cryptocurrency market are on the rise, fueled by inflation fears on the back of money printing during the pandemic. Finally, over three million of the users reporting by Coinbase were monthly transacting users.
IOTA Technical Analysis
The technical picture on IOTA looks bullish as the price action holds the series of higher highs and higher lows. Moreover, it hesitates at horizontal resistance, typical for an ascending triangle’s formation.
Bulls may want to wait for the price to break and close above the horizontal trendline before going long for the measured move seen below in orange. On the flip side, a move below the previous higher low would invalidate the pattern.