IOTA (MIOTA) leads recovery as cryptocurrencies bleed

The digital asset market has not stopped bleeding since the year began. In fact, there were more declines during the trading yesterday where the market corrected lower dumping at least $1 billion to the current $118 billion.

IOTA, like the other assets in the market, was making headway after it reclaimed its position above the key resistance at $0.3. The gains continued stepping above $0.325. However, the bullish momentum fizzled out before touching $0.33. The bears took advantage and pushed the crypto below the ascending trendline support at $0.3181.

This ignited declines as the crypto tumbled below the key support at $0.30. IOTA tested the next support at $0.2950 but the bulls entered pushing the price above the broken support. At present MIOTA/USD is trading at $0.304 after correcting higher 2.21% on the day. Both the 15-minutes 100-day Simple Moving Average (SMA) and the 50-day SMA at $0.3106 and $0.321 respectively are limiting the gains. Moreover, the buyers will encounter resistance at initial supply zone at $0.3200 and the key supply zone at $0.330.

Looking at the chart, IOTA is poised for an upward movement that will likely clear the above mentioned moving average resistance. Besides, technical indicators on the chart show that sideways trading is likely to take precedence.

MIOTA/USD 15-minutes chart