IOTA price analysis: IOT/USD gains ground, moves within the recent channel

• IOTA is one of the best-performing altcoins of the day.
• IOT/USD needs to recover above resistance $0.2800.

IOTA, the 16th largest digital asset with the current market value of $762 million, is one of the best performing altcoins of the day with nearly 3$ of gains in recent 24 hours. At the time of writing, IOT/USD is changing hands at $0.2753. The coin has recovered from the recent low of $0.2400 touched on September 24; however, the upside momentum seems to be limited at this stage.  

We will need to see a sustainable move above $0.2800 for an extended recovery. This barrier,  created by the upper line of the four-hour Bollinger Band, separates us from a stronger hurdle at $0.2870 ( SMA100 (Simple Moving Average) daily). Once it is out of the way, the upside is likely to gain traction with the next focus on  psychological $0.3000 and $0.3050 ( the upper line of daily Bollinger Band).

On the downside, keep an eye on $0.2740 ( SMA100 four-hour and the middle line of four-hour Bollinger Band). If it is broken, the price may slip lower towards $0.2670 (SMA50 and the lower line of Bollinger Band on a four-hour  chart).

IOT/USD, the four-hour chart