IOTA Market Update: IOT/USD defies the bearish pressure, steps above $0.24

  • IOTA leads the cryptocurrency market recovery on Saturday with over 2% in gains.
  • The 61.8% Fibonacci level comes out as a credible support zone.

IOTA is among the very few cryptocurrencies in the green on Saturday. Generally, the market is in a bearish correction, especially after Friday’s brief surge failed to break above key resistance areas and sustain the accrued gains. IOTA tested the support at the 61.8% Fib retracement level spanning from the last high at $0.2579 to a swing low of $0.1565 close to $0.22.

The bounce from the above support has once again placed IOTA in a trajectory towards the main hurdle at $0.26. Meanwhile, the 2.35% growth in value on the day is supported by the gradually upward slopping Relative Strength Index. A break into the overbought zone, could see IOTA spur further growth to the upside. Also cementing the bulls’ dominance is the MACD as seen in the 4-hour timeframe. The MACD is not only moving north but also nurturing a bullish cross.

The immediate support at $0.23 could hold throughout the European session. However, the buyers must remain focused on breaking the resistance at $0.25 and $0.26, respectively. Other key support areas include the $0.1900, $0.1700 and $0.1500.

IOT/USD 4-hour chart

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