Is IOTA's Green Streak a Sustainable Bull Run?

IOTA's price surged in tandem with Bitcoin's rally to over $70,000. The crypto climbed to $0.3650, its highest since March 15th, and has gained over 35% since last week's low. The Fear and Greed Index indicates extreme greed, and IOTA is investing $10 million in promising ecosystem players, although concerns remain about Shimmer EVM's performance.

Is IOTA's Bullish Run Sustainable?

IOTA's price has taken a sharp turn for the better this week, fueled by Bitcoin's surge past $70,000. The cryptocurrency hit a high of $0.3650 on Tuesday morning, its highest since March 15th, marking a 35% gain from last week's lows.

The Fear and Greed Index: A Sign of Growing Optimism?

IOTA's rally was one of the strongest among cryptocurrencies this week, coinciding with Bitcoin's rise to levels not seen since March 15th. Analysts attribute this rally primarily to the ongoing rotation from the Grayscale Bitcoin Trust (GBTC) ETF to other funds such as the iShares Bitcoin Trust (IBIT) and Fidelity's FBTC. The GBTC fund has lost significant assets in recent weeks due to its hefty fees, putting upward pressure on Bitcoin.

The IOTA and Bitcoin rallies have also fueled a surge in the crypto market's greed index to 83, up from 75 last week. This indicates a substantial shift toward optimism, suggesting that investors are confident in the crypto market's future prospects.

IOTA's Ecosystem Expansion: A Smart Investment?

In a bid to expand its ecosystem, IOTA has announced a $10 million investment fund at Investopia in the United Arab Emirates (UAE). The initiative is significant, as IOTA became the first Distributed Ledger Network (DLT) to be registered in the country.

The Trouble with Shimmer EVM: A Potential Roadblock?

Despite the bullish momentum, a potential risk for IOTA lies in the underperformance of Shimmer EVM. Data shows that the total value locked (TVL) in the network has fallen to $5.2 million. Key ecosystem networks like ShimmerSea, Deepr Finance, and Accumulator have also witnessed a decline in their assets over the past 30 days.

IOTA Price Forecast: Bullish Momentum on the Horizon?

Chart analysis reveals that IOTA's recent rise has taken it above key resistance levels, including the Woodie pivot point and the 50-period Arnaud Legoux Moving Average (ALMA). Additionally, the Average Directional Index (ADX) remains above 25, indicating strong momentum.

These technical factors suggest a continued bullish outlook for IOTA, with the next resistance target at $0.4200, its yearly high. This level represents a potential 16% gain from current prices.