Iota market overview: IOT/USD struggles to re-enter $0.30 zone, gets thwarted by $0.283 resistance level

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  • IOT/USD MACD indicator shows sluggish market momentum.
  • The daily market has found support on the SMA 20 curve.

IOT/USD has gone down from $0.277 to $0.274 so far today. This Tuesday, the price went up to $0.283, where it encountered resistance and eventually dropped down. The hourly breakdown shows us that the price fell to $0.271, where it found short-term support and went up to $0.277 to close out Tuesday. Since then, the market experienced four straight bearish hours to drop down to $0.274. The market has found support on the 20-day Simple Moving Average (SMA 20) curve.

IOT/USD daily chart

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IOT/USD is trending above the SMA 20 and SMA 50 curves. The 20-day Bollinger jaw has narrowed, indicating decreasing market volatility. The Moving Average Convergence/Divergence (MACD) indicator shows that the market is going through sluggish momentum. The Elliott Oscillator has had a bearish session, while the Relative Strength Index (RSI) indicator is trending around the neutral zone.
 

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