IOTA: All it needs is a little more push

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  • IOTA breaks out on the short term chart, a slight push and there’ll be rally.
  • There can be 5 pct upside after certain levels crossed.

IOTA managed to break out on the short term chart off a descending trendline that is just around the confirmation point, once done, it could result in about 5-7 percent more upside from current levels – that should please the bulls a bit after last few weeks’ hammering.

IOT/USD up more than 5 percent on day at $0.234, slightly below day’s high. On the hourly chart of this crypto, it crossed past a descending trendlinie resistance and sitting exactly around earlier lower high crossover of which is a necessity for this small breakout to result into some meaningful rally.

Once crossed, it can rally towards $0.25-$0.26, which is at least about 5 percent more upside from the CMP, but to gain past that would be little difficult in the immediate term as bulls then face 21 dsys SMA.

IOT/USD 60-minute chart:

 

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