- IOTA extends the recovery amid positive fundamental background.
- The local resistance is created by $0.55 handle.
IOTA remains one of the best-performing cryptocurrencies on Thursday. The coin extended gains and $0.5543 late on Wednesday before retreating towards $0.5230 by press time. IOTA has grown by 11% in recent 24 hours and gained over 2% since the beginning of Thursday.
The coin takes the 15th place in the global cryptocurrency market rating with the current market capitalization of $1.4 billion. An average trading volume is registered at $125 million, much higher than a long-term average of about $30 million. IOTA is most actively traded on Bitfinex against BTC and USDT.
IOTA’s move towards a more decentralized system served as an initial catalyst for the recent growth.
https://www.fxstreet.com/cryptocurrencies/news/iota-defies-gravity-with-14-gains-201905290800
IOTA’s technical picture
Looking technically, IOTA may face resistance on approach to psychological $0.55 closely followed by the recent high of $0.5543. A sustainable move above this handle will open up the way towards the next bullish aim of $0.61, which is the highest level since October 2018. It is worth noting that May is the best month for IOTA since April 2018.
On the downside, the nearest resistance is created by the intraday low of $0.51. Once it is cleared, the downside correction is likely to gain traction with the next focus on psychological $0.50 followed by SMA50 (Simple Moving Average) on 1-hour chart and the middle line of 4-hour Bollinger Band on $0.4660.
IOT/USD, 1-hour chart
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