IOTA price analysis: IOT/USD gains over 7% on the day, price re-enters Andrews Pitchfork support

• IOTA price  surge is also supported by rising trading volume according to CoinMarketCap data.
• A bullish flag pattern supported above $1.050 is good enough for the buyers in the short-term.

IOTA price is among the biggest daily gainers on Monday 16. $1.00 was a key resistance level since the opening of the session today. However, in the last hour, a bullish trend has smashed the resistance at this level, in addition to re-entering Andrews Pitchfork support zone. The price dancing with the 50% Fib retracement level with the last high leg of $1.24 and a low of $0.89 after hitting a snag short of $1.1.

The price seems to be supported by high trading volume, similarly, according to the data provided by CoinMarketCap, the trading volume in the last 24 hours is $40,632,600 compared to the total trading volume at the close of the session yesterday at $28,366,900. The market capitalization is also slightly higher at $2.9 billion, in comparison to yesterday’s volume at $2.7 billion.

Technically, IOTA is likely to break the resistance at $1.1 before the close of the session today. But if it fails, a bullish flag pattern supported above $1.050 is good enough for the buyers in the short-term. The technical indicators like the stochastic and the RSI are showing that the sellers are seeking for an entry. Besides, the gap between the 100 SMA and the 50 SMA is beginning to increase, which means that, buying power is reducing.

IOT/USD 15-minutes chart