- IOTA loses 5% during early Asian hours.
- The downside momentum takes the coin out of an overbought territory.
IOTA, now the 15th largest cryptocurrency with the market value of $881 million has been losing ground since the beginning during Asian hours on Tuesday. The coin gave back some ground gained on Monday on the back of the news that Jaguar Land Rover was testing IOTA-based solutions in the new fleet of cars.
At the time of writing, the coin is changing hands at $0.3033, down 5.5% since this time on Monday.
IOTA’s technical picture
On intraday charts, IOT/USD is testing the lower boundary of 1-hour Bollinger Band (currently at $0.3030). Once it is cleared, psychological $0.3000 will come into focus followed by the barrier created by SMA50 (1-hour) at $0.2950.
Considering the downward-looking intraday RSI the further bearish correction looks highly likely, though, the sell-off may be limited by $0.2900-$0.2870 congestion zone strengthened by SMA200 (1-hour).
On the upside, a sustainable move above $0.3140 (middle line of 1-hour Bollinger Band) is needed to mitigate the bearish pressure and bring $0.3200 back into focus. The next barrier comes at $0.3230 (lower line of 1-hour Bollinger Band), followed by the recent high at $0.3290.
IOT/USD, 1-hour chart
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