- IOTA is gaining ground rapidly after a consolidation period.
- IOT/USD needs to recover above resistance $0.2950.
IOTA, the 18th largest digital asset with the current market value of $795 million, has been growing strongly since the beginning of Monday. The coin has gained nearly 9% on a day-to-day basis amid global recovery on the cryptocurrency market, and over 4% since the beginning of the day. At the time of writing, IOT/USD is changing hands at $0.2870, off the intraday high of $0.2956. The coin recovered from the recent low of $0.2438 touched on October 23.
IOTA’s technical picture
IOTA is one of the best-performing coins on Monday. After several days of range-bound trading the asset resumed the growth and reached critical resistance created by the upper line of the daily Bollinger Band on approach to $0.2900.
Once this barrier is out of the way, the upside is likely to gain traction with the next focus on the recent high of $0.2956, followed by a psychological $0.3000. The ultimate long-term resistance is created by SMA200 (Simple Moving Average) daily at $0.3200. IOTA has been trading below this line since June 13.
On the downside, the first line of support is identified at $0.2680. It coincides with SMA50 and SMA100 a daily chart. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.2590 (October 18 low) and $0.2438 (October 23 low). Also, strong resistance awaits us at $0.2400, which is the lowest level since September 24.
IOT/USD, the daily chart
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