IOTA Market Update: IOT/USD bulls push the throttle to $0.30
|- IOTA tests the critical hurdle at $0.30 but retreats to $0.2921.
- IOTA is still seated above the Ichimoku Kinko Hyo green cloud reinforcing the bullish case for the near term.
IOTA has since Wednesday been at the helm of cryptocurrency recovery. While major assets such as Bitcoin took a step back from their respective rallies, IOT/USD remained focused on the mission to bring down the resistance at $0.30. As reported in the previous price analysis, the position above the Ichimoku Kinko Hyo green cloud means that buyers are mainly in control.
IOT/USD has tested the hurdle at $0.30 but retreated slightly to $0.2921 (prevailing market value). A break above $0.30 is likely in the coming sessions and could see IOTA extend the rally to higher levels at $0.35 and $0.40 respectively.
Meanwhile, the technical picture highlights the possibility of consolidation taking over under $0.30 in the near term. This situation is brought to light by the sideways moving RSI as well as the MACD. The former is holding at the overbought (70); movement either up or down can detect the direction the price will take following the consolidation.
As for the MACD, a minor bullish divergence hints that buyers have an upper hand and that the trend has an inclination to upward price action. In addition, the gap made by the 50-day SMA and above the 200-day SMA clearly shows that bulls have a higher influence over IOT/USD.
If declines come into the picture, IOTA is likely to bounce off initial support at $0.2750. Additional losses would seek anchorage at the accelerated trendline (broken), the 50-day SMA ($0.2413), the main trendline (black continuous), the 200-day SMA ($0.2175) and $0.20.
IOT/USD daily chart
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