IOTA Technical Analysis: IOT/USD 3% surge leaves Bitcoin and other cryptos in the dust
- IOTA is at the helm of cryptoassets’ recovery on the day with gains eyeing $0.2750 in the near term.
- IOT/USD is comfortably in the hands of the bulls based on the positive technical picture.
The cryptocurrency market is surprisingly in the green on Tuesday during the Asian hours. Some selected coins such as IOTA are doing exceptionally well compared to Bitcoin Gold (BTC) which still struggles with negative pressure. On the other hand, major coins are slightly in the green: Bitcoin is up 0.24% on the day, Ethereum 0.42%b and Ripple 0.75%.
IOTA is at the helm of cryptocurrency recovery on the day following a formidable advancement from $0.25056 (opening value) to $0.2573 (prevailing market value). There are bullish signs written everywhere on the IOT/USD daily chart.
For instance, the price is way above the Ichimoku green cloud; a situation that has been consistent since the beginning of July. The price is also holding above the moving averages especially with the 50-day SMA increasing the gap above the long term 200-day SMA.
Other technical indicators such as the RSI and the MACD also reinforce the bullish trend. The former is almost entering the overbought region while the MACD is holding above the mean line.
As long as technical levels remain the same, there is a chance that IOTA would take down the resistance at $0.2750. For now, establishing support above $0.25 is key to the bulls as they will have ample time in staging the next rally towards $0.30.
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
