- IOTA bulls intend to exploit the current recovery in order to test $0.3 resistance again.
- Support areas will remain in danger as long as the price stays under $0.3.
IOTA is among the worst cryptocurrencies by selling pressure on the day. Correction from the recently formed high at $0.3 is forming a new lower high pattern. The support at the 100 Simple Moving Average (SMA) on the one-hour chart could not stop the losses which extended towards $0.27. The 50 SMA has been strong enough to force the ongoing shallow recovery.
For now, IOTA is trading at $0.2761 as the bulls work hard to pull the price back into the confines of an ascending channel. Moreover, the formation of a short-term falling wedge pattern suggests that a significant upward reversal is in the offing.
The Relative Strength Index (RSI) gradually trend upwards shows that the bulls are gaining traction. Meanwhile, the Moving Average Convergence Divergence (MACD) clearly shows that despite the ongoing recovery bears are still largely in control. Defending the support at $0.27 will play a vital role in staging another recovery movement above $0.3.
IOT/USD one-hour chart
-637081093671883692.png)
Share
