IOTA market update: What next after posting gains for two days in a row?
|- IOTA sustains the uptrend above the major trendline support in spite of the correction from a two-months high at 0.3168.
- IOTA falls back into a ranging trend between the simple moving averages (100 SMA at $0.29 and 50 SMA around $0.28).
IOTA has been the talk of the town (cryptocurrency space) over the last couple of days. This is because of the cryptos ability to gracefully weather down declines. At the same time managed to maintain a positive outlook in a generally bearish market.
The formidable recovery from the lows posted in September closer to $0.24 stepped above some key levels including $0.27, $0.29 and $0.30. The altcoin surge last week was good enough to propel IOTA to a two-month high at $0.3168. Unfortunately, the flash drop in Bitcoin’s price to $9,600 cut short the colorful movement in favor of a reversal targeting $0.27 (former resistance zone-turned support area).
As reported yesterday, IOTA has kept investor and community interest high with new products and upgrade rollouts. Following the launch of the first Industry Decentralized Marketplace last week, the Foundation is joining hands with the Linux Foundation via LF Edge to push for expansion in both Europe and the US.
Meanwhile, despite the correction from the highs posted in two months, IOTA is still trading above the major trendline support. Also offering support is the 50 simple moving average on the one-hour chart. Indicators like the relative strength index (RSI) suggests that sideways trading is likely to prevail.
The moving average convergence divergence signifies the presence of the selling activity. Which means that corrections north will be limited in the near-term. A key resistance that must be cleared for more upward correction is the 100 SMA ($0.29).
IOT/USD 60’chart
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