IOTA Price Analysis: IOT/USD bulls fire at the 100 SMA resistance
|- IOTA bulls make a comeback above the 50 SMA in the hourly range but the 100 SMA is a hard nut to crack.
- If the prevailing technical levels remain intact; more upside action could be possible in the coming sessions.
IOTA price is moving side by side with the rest of the digital assets. Unlike Monday which saw volatility return and bleeding continued, Tuesday has witnessed calm and subtle recovery across the board. IOT/USD is trading at $0.1180 after growing in value by more than 6% on the day. While stability is taking center stage, Iota has corrected from an intraday high of $0.1220. The current trend has turned back to being bearish but the volatility remains high.
IOTA price technical picture
Iota continues to nurture an uptrend above an ascending trendline; which started after the price dived to $0.07550 last week. Initially, the first reflex reversal from the acute losses stepped slightly above $0.14. However, the momentum was unsustainable, allowing bearish action to take center stage over the last few days. It is vital to note that, despite the losses, IOT/USD has been relatively stable after recovering from $0.07550.
The price action today has pushed above the 50 SMA on the 1-hour chart but the 100 SMA remains in position as a seller congestion zone. Looking at the RSI, bulls are in the driver seat but a sideways trend is likely to take over. The buying influence is also emphasized by the MACD, especially with the advancement into the positive region. If technical levels remain the same or improve, there would be a chance for more upward action in the next sessions.
IOT/USD 1-hour chart
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