IOTA price analysis: IOT/USD jumps a whopping 5% on the day, it’s a celebration for the Bulls after price hit rock-bottom

• IOTA’s trading volume also went up considerably from $51,199,900 recorded on June 17 to $80,223,900.
• IOTA price has formed a double top-pattern; downside corrections are in the pipeline in the short-term.

IOTA price after hitting rock bottom welcomed the entrance of the Bulls who spiked the price to break several barriers testing the upper supply zone we talked about during coverage on Monday. The asset is up over 5% on the day and is among the biggest gainers among the top ten cryptocurrencies.

IOTA’s trading volume also went up considerably from $51,199,900 recorded on June 17 to $80,223,900 traded yesterday. At the moment the trading volume is at $78,497,000, similarly, IOTA market cap is approximately $3.4 billion. The crypto is ranked the 9^th, after claiming back the position it had lost to Tron (TRX).

The price has formed a double top pattern, therefore the bears are going to be seeking equilibrium in the near-term. The moving averages gap has begun increasing signaling for bear entries. Significantly, the stochastic is slopping downwards after exiting from the overbought levels. The technical indicators on the chart point towards lower corrections. The Bulls must prevent declines past the short-term support at $1.32. The brief bullish trendline will halt declines below the short-term support level as well. IOTA price is, however, still in danger and still risks declining to the rock bottom supply zone at $1.1.

IOT/USD 15’chart