Moving Up: IOTA Overtakes Ripple, Finds New Price Base

Having leapt up to fourth place in the cryptocurrency rankings, IOTA's prices are today witnessing what is a likely short-term slump.

AccessTimeIconDec 7, 2017 at 2:35 p.m. UTC
Updated Sep 13, 2021 at 7:14 a.m. UTC

Following an astonishing rally in recent days, the IOTA bulls look to be having a breather.

IOTA exploded earlier this week, likely due to a newly announced partnership with Microsoft, Samsung and others for the launch of a data marketplace for the internet of things.

The cryptocurrency, which was trading below $1 around 10 days ago, jumped more than 450 percent to hit a new lifetime high of $5.55 yesterday. That move erased previous record highs near $1.10 set on Aug. 17, and caused IOTA to jump up to become the fourth largest cryptocurrency by market capitalization on the CoinMarketCap rankings.

As of writing, the cryptocurrency is at $3.50. Also as per CoinMarketCap, IOTA has depreciated by 26.17 percent in the last 24 hours. While the decline may look staggering, when compared to the 450 percent rally, the 33 percent drop feels nothing more than a good old technical correction.

Furthermore, the price chart analysis points to $2.50 as the new base for the cryptocurrency.

IOTA chart


The above chart shows:

  • IOTA tested the support of the 50 percent Fibonacci retracement of the recent rally ($3.12).
  • The relative strength index shows overbought conditions, and is close to breaching the rising trend line to the downside.
  • The stochastic has turned lower from the overbought territory.
  • The 5-MA and 10-MA are curled in favor of the bulls.


IOTA prices may test $2.55 (61.8 percent Fibonacci retracement) in the next 24–48 hours (as the RSI and stochastic have turned lower from the overbought territory), but the support may hold, courtesy of the upward sloping 10-MA (seen sloping upwards towards the $2.50–$2.60 region tomorrow).

Clearly, the base has shifted higher to $2.50 levels and it appears the rally is here to stay. Going forwards, a solid rebound from near $2.50 levels could translate into a rally to fresh record highs above $5.55 levels.

Bubbles image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.