The recent price surge of IOTA results from increased interest and activity on the network, attracting the attention of both developers and investors.
Price Movements of IOTA
IOTA's price reached a multi-month high of $0.2428, up 73% from its low in June. This increase occurred alongside a broader rally in the cryptocurrency market, contributing to rising prices for many altcoins.
Increase in Transaction Activity
Over the past week, IOTA became the fastest-growing blockchain, with transactions increasing by 59% to 209,577. However, the number of active addresses dropped by 50% to 687, indicating mixed signals about the network's health.
Technical Analysis of IOTA
Technical analysis shows that IOTA formed a double-bottom pattern at $0.1413, with a neckline at $0.2735. Current prices are above both the 50-day and 200-day moving averages, suggesting a potential continuation of an upward trend. Bulls are likely to target the $0.2735 level, and a breakout above it could lead to further gains.
The activity on the IOTA network and rising interest from developers create a positive outlook for the token, although the decline in active addresses raises concerns about the sustainability of this growth.
