- IOTA cancels all the gains accrued on Thursday before reversing the trend on Friday.
- IOT/USD defies the slight crypto carnage as it sets eyes on $0.57 key resistance level.
IOTA is the only coin in among the top ten that is trading in the green. The brief crypto recovery on Thursday has culminated in slight widely spread retracements. The bulls are battling for consolidation. However, for IOTA, the situation is different as the crypto is rolling upwards from the short-term support area at $0.552. IOT/USD corrected higher yesterday and even stepped above $0.57. The price extended gains slightly above $0.572 but began trimming the gains.
The bear trend canceled all the gain accrued on the day but took a pit stop at above-mentioned short-term support. The descending bearish trendline capped the gains as IOTA traded lower lows and lower highs. However, IOT/USD is defying the selling activity in the market and has revamped the trend towards the key resistance at $0.57. A break above the trendline resistance opened the gate for gains.
At press time, IOT/USD is trading at $0.56 while the longer term 100SMA has crossed above the 50SMA signaling that the IOTA is likely to correct lower in the short-term. To stay away declines, the bulls must sustain the price above $0.56 (immediate support). This will allow them to gather the strength to attack $0.5660 hurdle in preparation for the critical $0.570.
IOT/USD 15-minutes chart
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