IOTA price analysis: MIOTA targeting a high of $2.0

IOTA (MIOTA) is up by roughly 20% over the past week and is looking to reach a three-year high above $2

MIOTA is on an extended bull run and is up by 19% over the past week. Over the last 30 days, the cryptocurrency is up by 40%. The cryptocurrency has gained from the general rally of the cryptocurrency market, with ETH reaching a new all-time high above $2,100 a few days ago.

If MIOTA maintains this current trend, it could reach the $2 level, making it the first time it would be trading at that price since 2018.

MIOTA price analysis

A look at the MIOTA/USD 4-hour chart shows that the pair is in a bullish mode. Currently, the pair is trading above its 100-day simple moving average at $1.5152. After reaching a monthly high of $1.8572 yesterday, MIOTA lost steam and declined to $1.6661.

The bulls didn’t allow the price to crash lower as they quickly regained control and pushed MIOTA back to the $1.80 mark. Having established strong support at $1.68, MIOTA is attempting to break past the next resistant point at $1.88. If that happens, MIOTA/USD is primed to break past the $2 mark for the first time since 6 May 2018.

MIOTA/USD 4-hour chart. Source: Coinalyze

However, failure to surpass the next resistance level could see the price crash to the 20-day SMA at $1.6182. This could lead to further decline below the $1.5 mark. Currently, MIOTA’s RSI shows that the cryptocurrency is overbought. Thus, indicating that it is on a bullish run. Its MACD is also in the positive region, cementing the fact that bulls have a tight grip on the market.

MIOTA still benefiting from Binance Smart Chain integration

Last week, Binance announced it had integrated Wrapped IOTA into its Binance Smart Chain, allowing the token holders to stake, yield and earn. The partnership between Binance and IOTA would also allow IOTA holders to participate in more applications on the Binance Smart Chain.

The partnership is great news for IOTA, and its cryptocurrency has been on an extended rally since then.