IOTA price analysis: IOT/USD commences bullish climb in spite of overarching declines below $1.400
|- Both the 50 SMA and the 100 SMA are providing short-term support at $1.475.
- IOTA price has declined 18% from Monday 21, however, its trading volume has been on the rise.
IOTA is among the biggest gainers on Thursday afternoon GMT after a short bullish wave sweeps across the market. Most cryptocurrencies have corrected higher with Bitcoin gaining over $200 in less than thirty minutes.
IOT/USD is up over 4.11% on the day and forming a bullish flag pattern at around $1.5. There is a bear momentum forming on the chart, however, both the 50 SMA and the 100 SMA are providing short-term support at $1.475.
The MACD on the 15’ timeframe chart has recovered fully from the negative territory. In addition to that, the Stochastic is now in the overbought levels. On the upside, IOT/USD will face resistance from the 38.2% Fib retracement level with last high leg at $1.735 and a low of $1.39.
The buyers are battling to find support above $1.490, but in the event, it fails to hold, the 23.6% Fibonacci retracement level which also coincides with both the 50 SMA and the 100 SMA will provide the support. Moreover, a stronger support zone is highlighted at $1.45. IOTA price has declined more than 18% since the beginning of the week but its trading volume increase from $50,660,600 the previous day to $83,679,700 recorded yesterday. Its market capitalization, on the other hand, has been kept above $4.5 billion in the past one week.
IOT/USD 15’ chart
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