IOTA price analysis: IOT/USD bulls bumped into $1.2, time to stand and stare
|- IOTA's momentum is weakening in approach to $1.2.
- The key long-term trendline remains unbroken.
IOTA created a double bottom around $0.90 handle at the end of June and touched $1.2 during Asian hours on Tuesday. The strong technical resistance and a cluster of selling orders located in this area pushed in back towards $1.7 by the time of writing. IOTA's market value has reached $3.2B, while the average trading value is registered at $78M. IOTA is most actively traded at Bitfinex.
IOTA is moving in sync with other cryptos, influenced by technical factors and speculative positioning. However, the inability to pass through $1.2 level, might discourage the bulls for the time being and keep the coin within a range. The next hurdle is created by the sloping trendline from December 19, 2017, high, currently at $1.23. Once it is cleared, the upside may be extended towards $1.41 (50-DMA).
On the downside, the support comes at $1.05. It is created by 100-SMA (4-hour chart) and followed by $1.00 handle, strengthened with 50-SMA (4-hour chart).
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