fxs_header_sponsor_anchor

IOTA Price Analysis: IOT/USD bulls target $0.2300 amid strong recovery

  • IOTA is one of the best-performing altcoins out of top-30.
  • IOT/USD has a potential to retest the psychological resistance of $0.2300.

IOTA hit the recent high at $0.2272 on Tuesday and retreated to $0.2246 by the time of writing. Despite the retreat, IOTA has gained over 5% on a day-to-day basis. IOTA is currently the 24th largest digital asset with the current market value of $622 million and an average daily trading volume of $15 million. The coin is most actively traded on OKEx against USDT.

Read also: IOTA Market Update: IOT/USD gains ground amid the releases of the new protocol

IOTA/USD: Technical picture

On the intraday chart, IOT/USD is recovering from the recent low of $0.1960 hit on June 27. The coin is moving within the upside trend with the local resistance created by 4-hour SMA200 at $0.2260. Once it is out of the way, the recovery is likely to gain traction with the next focus on psychological $0.2300 and $0.2350 (the recent recovery high). 

IOT/USD 4-hour chart

The local support is created by $0.2200. This barrier is reinforced by 4-hour SMA100 at $0.2180 and 1-hour SMA200 at $0.2170. This MA served as a consolidation support and a jumping off ground for a strong recovery. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.2100. The intraday RSI points upwards, which means the bullish momentum may gain traction later during the day. 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.