- IOTA has recovered from the recent range, but the further upside is limited.
- The local resistance is created by $0.25 handle.
IOTA is the best-performing altcoin out of top-20 today. The coin has gained over 3% in recent 24 hours to trade at $0.2464 by the time of writing. Notably, the coin hit the recent low at $0.2330 on August 29 and managed to recover towards $0.2600 resistance before a new wave of bearish sentiments pushed it back below $0.2500 handle.
Currently, IOTA takes the 17th largest coin with the current market capitalization of $685 million and an average trading volume of $7 million. IOTA is most actively traded on Bitfinex against BTC and USDT.
IOTA’s technical picture
Looking technically, on the intraday level, IOTA’s recovery is capped by $0.2500. This psychological handle is strengthened by SMA100 (Simple Moving Average) and the middle line of Bollinger Band on the 4-hour chart and the middle boundary of Bollinger Band on a daily chart. A sustainable move above this handle will take us towards congestion area $0.2570-$0.2600 where new short-term sell orders are placed. This area contains SMA50 4-hour and the recent recovery high. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2700 ( the upper lines of 4-hour and 1-day Bollinger Bands).
On the downside, a sustainable move below $0.2400 handle will trigger new selling orders and push the price towards the recent low of $0.2330. This support is closely followed by psychological $0.2300 and $0.2200 ( August 15 low).
IOT/USD, 1-day chart
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