IOTA has had a tremendous rally lately. It rose from 1.3 to 2.25 in less than a month, and the bullish trend remains solid. Let’s not forget that the very definition of a bullish trend is a series of higher highs and higher lows. IOTA respects that series so far, despite correcting from the highs recently.
The key event of the trading week is the listing of one of the largest crypto exchanges in the world – Coinbase. The company just revealed that it has over 50 million active users, and it adds around 13,000 new users each week. It tells much about the interest in the cryptocurrency market, and so the valuation of Coinbase is likely to exceed expectations.
Bitcoin made a new all-time high as it broke above $63k yesterday. Truth be told, the inflation numbers in the United States did not help either, as higher inflation than expected sent the dollar lower across the board. Most traders are in the crypto market, especially as a protection against inflation, so the move higher in Bitcoin should not surprise anyone.
IOTA Technical Analysis
Both bulls and bears have a case here, with bears on the riskier path. Bulls may want to wait for IOTA to decline to the key area before going long for a new high with a stop at the main trendline seen in black.