THORChain (rune) 
The IOTA price saw an uptick on Tuesday, aligning with the broader cryptocurrency market’s recovery after a significant drop on Monday.
The IOTA (IOTA) token surged to an intraday high of $0.1290, marking a 25% increase from this week’s low of $0.1028.
Cryptocurrencies Rebound
The rebound in IOTA mirrored the recovery seen across other cryptocurrencies on Monday. For instance, Bitcoin rose from a low of $49,000 to $56,000, while Ethereum spiked from $2,118 to over $2,500.
This recovery was also reflected in the stock market, with Japan’s Nikkei 225 index rising by 10%. In the US, futures tied to the Dow Jones, Nasdaq 100, and S&P 500 indices increased by over 80 basis points.
Investors are preparing for potential Federal Reserve interest rate cuts. Analysts from UBS, ING, Jefferies, and Goldman Sachs have indicated that the Fed may start cutting rates soon. Jefferies even speculated that an emergency cut could happen this month, while Wharton University’s Jeremy Siegel has suggested a 75 basis point cut.
There is a risk that the ongoing recovery could be a dead cat bounce, where a falling asset experiences a temporary rebound.
IOTA Gains Sharia Compliance
The IOTA token also rose after receiving a Sharia compliance certificate from the Cambridge Institute of Islamic Finance, making it the first company in the distributed ledger technology industry to obtain this certification.
IOTA aims to attract Muslim investors globally and expects the network to be chosen by companies launching decentralized applications. For example, IOTA’s technology could be used in projects like halal meat verification.
This certification follows IOTA Foundation becoming the first to be regulated by the Abu Dhabi Global Markets a few months ago.
Middle East Attracts Investments
The Middle East is rapidly growing as countries continue attracting foreign investments. Reports indicate that over 6,700 millionaires will move to the region this year, primarily from Russia and China, drawn by lower taxes and privacy benefits in places like Abu Dhabi.
IOTA Price Analysis
Despite the recent rebound, the IOTA token remains below key support levels. It currently sits below the crucial support level of $0.1341, its lowest swing in August last year.
The token also remains beneath the 50-day Exponential Moving Average, indicating that bears are still in control. Therefore, the token may resume its downward trend, with sellers targeting this week’s low of $0.103.
On a positive note, the IOTA price has formed a hammer candlestick pattern, a common reversal signal.
For more updates on cryptocurrency news, stay tuned to Global Crypto News.
