IOTA has both a definitive use case and hordes of loyal supporters – could this mean a bullish June for IOTA?
The end of 2020 and the beginning of 2021 brought massive price growth for many cryptocurrencies. Some have hit and exceeded their old all-time highs (ATHs), sometimes just a little, sometimes quite a bit. Most people are aware that Bitcoin’s ATH reached in 2021 is three times higher than the previous one achieved in 2017.
However, there were also coins that grew more slowly. One reason may be that investors were more cautious, another that they just didn’t get as much attention as the heavy hitters. One example is IOTA (MIOTA), which has yet to hit its previous ATH, which it hit in January 2018.
IOTA price in 2020 and 2021
After its ATH in 2018, IOTA had been falling for a full year and eventually stabilized at around $ 0.30. It spent the next two years with relatively little fluctuations, for the most part, and three separate occasions when it rose a little higher than usual. It did so in June 2019, February 2020 and August 2020. Each time there has been strong bull activity in the crypto sector, and most coins have seen much larger gains during those periods.
IOTA was ignored by the late 2020 bull run that brought BTC back to its old ATH and then back to $ 30,000 for the first time. In fact, IOTA didn’t begin to awaken until January 2021, but even then it only managed to hit $ 0.42 before growth stopped. Fortunately, the coin stayed at that high level until early February, when it rose to $ 1.48 and rose almost four times in less than three weeks.
Eventually, the coin hit a three-year high on April 16 when it climbed to $ 2.53. However, after reaching such a high level, it also fell pretty sharply when its price was declined, dropping to $ 1.60. This decline was followed by two more failed attempts to return to resistance at $ 2.40 as the coin only hit $ 2.20 on both occasions.
In mid-May, the crypto industry started seeing the bear wave that cut the price of Bitcoin in half, but MIOTA suffered an even bigger loss on a percentage basis. It fell from $ 2.20 on May 9th to $ 0.90 on May 22nd, a decrease of nearly 60%. However, over the next few weeks it began to rebound, particularly in early June, which allowed it to climb to $ 1.30.
IOTA price forecast
IOTA now has a good chance of resuming its growth due to strong fundamentals emerging after the May crash. Recently it was reported that the project has launched its new development network (DevNet), which has been widely viewed as an excellent move as it brings the project one step closer to full decentralization.
The new DevNet is also known as IOTA 2.0 or ‘Nectar’. Further reports have shown that the first tests of the network have been very promising and thus the foundation for the future growth of IOTA is already being laid.
Since IOTA grew less slowly than the rest of the crypto market during this bull cycle, it was perhaps less “overheated” than Bitcoin and Ethereum, whose unsustainable growth rates resulted in many long-term trend and support lines being broken.
Despite the surrender wicks they break, there must still be a day’s close below IOTA’s long-term trendline. This may be a good sign for June as it creates a bullish ascending triangle pattern on the daily chart. IOTA’s daily RSI also appears to be recovering.
That decently strong technical picture, as well as healthy fundamentals, has led to some bullish predictions from experts. TradingBeasts, for example, predicts the coin will hit $ 1.60 by the end of June, with an upper estimate of over $ 2 by the end of 2021.
WalletInvestor has shared a similar, but more cautious, view. Their 1-year forecast is that IOTA could go back to $ 2 in a year, and their 5-year forecast is that IOTA is forecasting just under $ 5 per coin. As for the June forecast, the project expects IOTA to hover between $ 1.20 and $ 0.95 in the coming weeks and eventually fall below that support, all the way down to $ 0.725, in the second half of the month.
It is clear that the development and advancement of IOTA will be appreciated by the crypto community, although the general sentiment in the market is still extremely pessimistic. A target of $ 1.60 was set by experts for the end of June and that would mean a 50% rally for IOTA if it did happen.
Please note that the details given above are solely a personal opinion of the author, which is derived from the relevant market data. None of this is to be understood as direct investment advice.