IOTA breaches $0.3 resistance: MIOTA/USD is the biggest single digit gainer
|- IOTA spikes incredibly rising above the bear pressure on the market to add more than 4% on its value.
- The bulls have the energy to defend the support at $0.30, $0.29 and $0.28 in the short-term.
Most cryptocurrencies are battling to keep above the key support levels tested during the declines on Sunday. This week’s trading has been mundane amid low trading activity. IOTA, for instance, was unable to break above the $0.3 hurdle for four days in a row. A reversal was staged above the vital support at $0.28, it made it above $0.29 but stalled short of $0.3.
However, IOTA has spiked incredible rising above the bear pressure on the market to add more than 4% on Friday. The asset using the support provided by the 50-day Simple Moving Average (SMA) and the 100-day SMA 1-hour chart at $0.29, pulled above $0.3. The crypto formed a high at $0.304191.
At press time, MIOTA/USD is trading at $0.3011 after retracing from the intraday high. The Relative Strength Index (RSI) in the same range is heading south from the overbought as the bears gain ground against the bulls. To avoid further declines that could breach the support at $0.3, IOTA must resume the uptrend towards the uptrend towards last week’s high slightly above $0.33.
The good news is that the Moving Average Convergence Divergence (MACD) signal at +0.003669 is at its highest level since February 24 when it dipped to -0.0076. This means that, although an upward correction might not be possible, the bulls have the energy to defend the supports at $0.30, $0.29 and $0.28 in the short-term.
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