- IOTA gains over 4% on a day to day basis.
- The technical picture is positive as long as the price stays above $0.70.
IOTA is changing hands at $0.7100 at the time of writing. Over the recent 24 hours, the coin gained over 6% having recovered from Thursday’s slump. IOT/USD remains one of the best-performing coins of the week with 45% growth, caused by a steady flow of positive news.
IOTA technology proved to be highly practical with many use cases popping up in mobile and automobile industries. This takes the coin above the speculative craze and creates solid foundation for future mass adoption.
From the technical point of view, a return above $7.00 might be interpreted as a positive signal. The longer-term resistance is created by a the upper border of a broad channel at $0.79, though there is a long way to go before we reach that point.
Once below $0.70, the sell-off may be extended towards $0.6624 (SMA200, 4-hour chart) and $0.6119 (SMA50, 4-hour chart). Meanwhile, the longer-term support is created by $0.48, which is the lower border of the above mentioned channel.
IOT/USD, 4-hour chart chart
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