IOTA Market Update: IOT/USD lift-off to moon begins as $0.30 draws nigh


  • IOTA marvelously breakout after weekend dump to $0.24.
  • IOTA price is heading for $0.30 resistance supported by the RSI and the increased trading volume.

IOTA is among the biggest single-digit gainers on the day. Most cryptocurrencies in the market remain lethargic in their trading. However, some selected coins are leading recovery including Chainlink, Tezos, NEO and Dash. IOTA is up 2.38% to trade at $0.0.2779 after adjusting from $2.88 (intraday high).

Over the weekend, IOT/USD slumped from last week’s highs around $0.2673 to the support established at $0.24. A quick recovery ensued pulling the price above the 23.6% Fibonacci resistance level taken between the last swing high of $0.2673 to a swing low around $0.24. There was a period of consolidation before IOTA broke out above the descending trendline.

Gains have been consistent on Monday with IOTA also hitting the level at $0.26. The trend is strengthened by the RSI; currently in the overbought region. The bulls are also armored by the Elliot Wave Oscillator (EWO) which has spiked incredible into a bullish session.

IOTA’s bulls are unlikely to give up especially with their eyes glued at $0.30. It is only a matter of minutes before the hurdle at $0.26 is pushed into the rearview.

IOT/USD 1-hour chart

IOT/USD price 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. 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.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin could resume rally as Trump signs executive order, calls US a Crypto and AI hub

Bitcoin could resume rally as Trump signs executive order, calls US a Crypto and AI hub

Bitcoin trades near $103,000 on Thursday, following President Donald Trump's executive order to create a Presidential Working Group on digital assets. The group will also oversee the feasibility of the US creating a national digital asset stockpile.

More Bitcoin News
Ethereum recovery imminent with Etherealize launch as Pectra upgrade slated for March 11

Ethereum recovery imminent with Etherealize launch as Pectra upgrade slated for March 11

Ethereum trades near $3,200 as positive sentiment is slowly returning into its ecosystem with the launch of Etherealize and anticipation surrounding the potential March 11 Pectra mainnet upgrade.

More Ethereum News
Dogecoin Price Forecast: Will Bitwise ETF filing drive DOGE to $1?

Dogecoin Price Forecast: Will Bitwise ETF filing drive DOGE to $1?

Dogecoin price declined 5% on Wednesday, trading as low as $0.35 on Binance. Recent movements signal a sell-the-news frenzy after a cluster of bullish catalysts emerged within the DOGE markets this week. Can bull traders hold out for an early DOGE price rebound?  

More Dogecoin News
Sui Price Forecast: SUI bears aiming for a 30% crash

Sui Price Forecast: SUI bears aiming for a 30% crash

Sui price extends its decline, trading below $4.37 on Thursday after rejecting from its ascending trendline in the previous day. Coinglass data shows that SUI’s long-to-short ratio reached the lowest level in over a month, reflecting a bearish sentiment.

More Sui News
Bitcoin: BTC rallies above $102,000 ahead of Trump’s inauguration

Bitcoin: BTC rallies above $102,000 ahead of Trump’s inauguration

BTC's price continues to trade in the green, trading above $102,000 at the time of writing on Friday after rallying more than 7% this week. Recent US macroeconomic data released this week supported the rise of risky assets like BTC. 

Read full analysis
Trusted Broker Reviews for Smarter Trading

Trusted Broker Reviews for Smarter Trading

VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.

Read More

BTC

ETH

XRP