In the cryptocurrency world, there are always different types of market momentum to keep an eye on. In some cases, the trend will be bearish, while other markets turn mega bullish at the same time. Today, the IOTA price seems to be headed down an interesting bullish path, as its gains are quite steep already. Sustaining such a level of growth will be pretty challenging, though.
IOTA Price Surges Ahead
Even though Bitcoin is not necessarily heading in a decisive direction just yet, it would appear some of the alternative markets are eager to move up again. IOTA Is a very interesting example in this regard, as its value has effectively surged pretty hard in quick succession. This is in stark contrast to most of the crypto market top 15, as all of those other markets are either slightly bearish or maintain a status quo.
As far as the IOTA price is concerned, today has proven to be a fascinating day already. With a 17.4% gain in USD value, one MIOTA is now valued at $0.318627. There is also a near 17% increase in MIOTA/BTC, as this ratio has now been elevated to 6,010 Satoshi. A very prominent turn of events, although it would appear the overall trading volume isn’t necessarily keeping up with this value increase. That may prove to be a hindrance as the day progresses.
The big news to kick off this new week comes in the form of a major partnership between IOTA and Jaguar, the car manufacturer. It would appear Jaguar has plans to make use of IOTA’s technology in one way or another. However, that doesn’t mean they will use MIOTA directly, nor will there automatically be an increase in the demand for this currency either. Even so, it has triggered a massive price spike, which might reverse course once all of the excitement calms down once again.
IOTA is zooming this morning on this….https://t.co/PLNQ5RpWyc
— Mati Greenspan (@MatiGreenspan) April 29, 2019
For those who keep a close eye on the IOTA chart, the current momentum might not necessarily make too much sense. Lunar Express claims there may very well be a small retrace sooner rather than later, as bulls might struggle to break through the next resistance level accordingly. Even so, a potential rise to $0.41 or even $0.52 is not necessarily impossible to achieve in the coming weeks and months.
Bulls still have to deal with that resistance zone and this rally can stall around 0.4165 and 0.4589. Bulls need to smash it through 0.52754 in order to make it really impressive! That my friends, would be our point of no return!!! #crypto #iota #trading #bulls #cryptotrading
— Lunar Express (@AskLunarExpress) April 29, 2019
A similar chart is shared by pure&co, as this user seems to expect the IOTA pump to continue for quite some time to come. However, there will be a limit as to how high this market can go in one straight push, as the day is still young and a lot of people might be looking to cash out their profits accordingly. Even so, there is also a chance this may be a sign of what is yet to come throughout the remainder of 2019. Some bullish momentum will be welcomed with open arms.
— pure&co (@pureandco_tr) April 29, 2019
When looking at the bigger picture, one has to keep in mind Bitcoin will dictate the pace for all of the alternative markets at any given time. As of right now, Bitcoin’s price trend remains rather uncertain, which can be somewhat problematic as far as IOTA’s current price run is concerned. Even so, today is already shaping up to be an interesting day for cryptocurrency markets, although it is still too early to draw any real conclusions.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.