IOTA Market Update: IOT/USD bullish interest intact, up 3% on a daily basis
- IOTA bulls are aware seller influence is growing, therefore, they are working hard to pull the price above $0.20.
- The formation of a rising wedge pattern threatens the existing bullish interest.
IOTA price is among the biggest single-digit gainers on the market. It adjusted higher by 3.23% on the day from an opening value of $0.1770. On the upside, an intraday high has been achieved at $0.1839 but IOT/USD is trading at $0.1829. The majority of cryptocurrencies are in the green; Bitcoin is up 1% on the day and trading at $8,720 while Ethereum 2% up and teetering at $210. On the other hand, Ripple is trading at $0.2154 following a 1.8% increase in value.
IOTA price technical picture
IOTA is trading between the 50-day SMA support and the 100-day SMA resistance. The widening gap between the moving averages hints that seller influence is growing in spite of the bullish action witnessed this week. Moreover, the formation of a rising wedge pattern could lead to a reversal in the short term. The reversal can, however, be averted if the bulls gather enough strength to pull IOTA above $0.20 as well as the 100-day SMA.
In the meantime, short term bullish interest is intact especially with the RSI still pointing towards the overbought (70). The MACD is also in the positive territory and features a bullish divergence. In other words, short term bullish interest will stay in place especially on Friday.
IOT/USD daily chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
