IOTA price analysis: IOT/USD bulls are in tactical retreat after assault on $2.7
|- IOTA dips below $2.5 amid short-term correction.
- The coin is overbought, but the longer-term trend is positive.
IOTA was the best performer of the cryptocurrency market on Thursday, though Friday may bring in some correction as the coin is overbought if you look at the short-term time-frames. The coin touched $2.697, which is the highest level since the end of January, but quickly retraced to $2.466 These dynamics proves that it will take some effort to pass $2.7 resistance, though, once it happens, the road to $3.00 will be cleared.
A number of positive fundamental factors support IOTA's bullish run. Namely, IOTA Ecosystem launch and MOBI Alliance partnership helped the coin to hold well above $2.00, which is supposed to be a pivotal level.
Cobinhood cryptocurrency exchange recently announced plans to start IOTA trading from May 4, which is also good news for the coin with the market capitalization over $7B.
“Depositing and trading IOTA with BTC, ETH, and USDT trading pairs will be live on May 4th, while withdrawing will be enabled two weeks after listing (this post will be updated with the exact date),” according to the official statement, published by the exchange.
The listing on a new exchange brings direct benefits and advantages, such as increased liquidity and growing popularity of the coin. It means that IOT/USD is positioned to continue moving North.
IOTA price technical picture
As it is visible on the hourly chart, the short-term support is created by $2.3 (50-SMA). Once it is broken, the coin may dip towards t $2.00, where fresh buying interest is likely to appear. Meanwhile $2.5 is considered to be pivotal for the coin. It needs get back above this level by the end of Friday, to secure the bullish trend.
IOT/USD, the hourly chart
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