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IOTA exploded earlier this week, probably because of the recently announced partnership with Microsoft, Samsung and other companies to launch the data market for the Internet of things.
The cryptocurrency, which was trading below $1 about 10 days ago, jumped more than 450 percent to get a new high of $5.55 yesterday. That step wiped out the previous record highs of about $1.10 set on August 17, and made IOTA jump to become the fourth largest cryptocurrency by market capitalization in the CoinMarketCap ratings.
Since the writing of the cryptocurrency is at $3.50. Also, according to CoinMarketCap, IOTA has depreciated by 26.17 percent in the last 24 hours. While the decline may seem overwhelming, compared with the 450 percent rally, the 33 percent drop seems like nothing more than a good old technical correction.
In addition, the analysis of the price chart points to $2.50 as a new base for the cryptocurrency.
Obviously, the base has shifted above the level of $2.50, and it looks like the rally is here to stay. Moving forward, a strong rebound from the level of $2.50 could translate into a rally to new record highs above $5.55.
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