IOTA Market Update: IOT/USD lift-off to moon begins as $0.30 draws nigh
|- IOTA marvelously breakout after weekend dump to $0.24.
- IOTA price is heading for $0.30 resistance supported by the RSI and the increased trading volume.
IOTA is among the biggest single-digit gainers on the day. Most cryptocurrencies in the market remain lethargic in their trading. However, some selected coins are leading recovery including Chainlink, Tezos, NEO and Dash. IOTA is up 2.38% to trade at $0.0.2779 after adjusting from $2.88 (intraday high).
Over the weekend, IOT/USD slumped from last week’s highs around $0.2673 to the support established at $0.24. A quick recovery ensued pulling the price above the 23.6% Fibonacci resistance level taken between the last swing high of $0.2673 to a swing low around $0.24. There was a period of consolidation before IOTA broke out above the descending trendline.
Gains have been consistent on Monday with IOTA also hitting the level at $0.26. The trend is strengthened by the RSI; currently in the overbought region. The bulls are also armored by the Elliot Wave Oscillator (EWO) which has spiked incredible into a bullish session.
IOTA’s bulls are unlikely to give up especially with their eyes glued at $0.30. It is only a matter of minutes before the hurdle at $0.26 is pushed into the rearview.
IOT/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.