IOTA Market overview: Defiant of market bear pressure to post a 4% gain

IOTA has a bearish bias in the short-term.
An intraday high has been formed at $0.2988 just above the channel resistance.
The trends of the RSI show the buyers gaining traction against the bulls.

IOTA is currently battling the descending channel resistance that has been capping its upside since April 29 when the surge failed to correct past $0.3293. The price has in the past one week been confined within the falling channel trading lower highs and lower lows. Generally, IOTA has a bearish bias in the short-term unless we can see a formidable rise above the channel resistance.

Recently, IOTA dived to the main support at $0.25 before giving way for an upward move towards $0.3300. A high was formed around $0.3293 resulting in declines. The 100 Simple Moving Average (SMA) has been a critical barrier to the upside with breakouts above it not able to sustain the gains.

Meanwhile, the drop from yesterday’s highs around $0.3000 found support at $0.2800. A correction from the support has pushed the price past both the 50 SMA hurdle and the 100 SMA hurdle. An intraday high has been formed at $0.2988 just above the channel resistance but the price has retreated into the channel to trade at $0.2929 at press time.

The trends of the Relative Strength Index (RSI) shows the buyers gaining traction against the bulls. The slight dips of the indicator inside the oversold has not been able to make significant movements. The RSI has since recovered to 61.76 and still pointing north. The same upward trend is seen in the MACD which is almost breaking into the positive region.

IOT/USD 1-hour chart

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.