IOTA: Why Recent Bullish Rally Could Mean Nothing New

IOTA’s staging platform Shimmer will go live by September 28, according to Shimmer’s tweet. Remember, the Shimmer Project has been IOTA’s part since 2021 end.

Moreover, individuals cannot trade their native coin, SMR, on a different blockchain. Also, Shimmer cautioned users about this through the tweet.

Cracks in Price Upsurge?

Assessing IOTA’s price actions on the daily chart showed the alt’s price climbed from $0.278 to $0.312 on September 26. Generally, the alternative token increased by approximately 19.24% within the last seven days before losing 5.14% over the past 24 hours.

Moreover, plotting trend lines place the resistance at $0.311 and support near $0.278. also, the trend lines suggested an upside trend. The volume indicator affirmed surges in trading activities. The RSI (Relative Strength Index) swayed beyond 55, indicating a bullish trend for IOTA.

Furthermore, the trend appeared strong. Evaluating the DMI (Directional Movement Indicator) displayed optimistic trends. The DMI had the DI and the signal line beyond 20, effectively welcoming a bullish bias.

Busy Development Activity

IOTA’s price action was not the only metric recording an upside trend. The altcoin noted similar narratives on the dev activity front. Santiment shows the development activity maintained an upside trajectory, standing beyond 60.

That showed more developers contributing to the blockchain. Moreover, the alt’s social dominance had less to present, with lines maintained sideways. Nevertheless, evaluating the asset’s recent price actions shows the launch event could have triggered an uptick.

The trade volume noted a spike on September 26 amid buyer dominance. However, trade volume recorded a slump afterward, following increased sell pressure. The prevailing bullish bias could see reversals soon.

Investors within the crypto market could notice the IOTA project due to its novelty in using the DAG technology instead of a more conservative blockchain.

The Shimmer release might trigger beneficial impacts on IOTA’s price. Market players will wait to witness how fee-free Shimmer affects IOTA’s economic model.

Meantime, the crypto spectrum noted impressive jumps within the previous day. Bitcoin gained more than 4.29% over the past 24 hours to change hands at $19,422.21. However, nothing shows an end to turmoil, and declines could re-surface.