IOTA price analysis: IOT/USD gains ground, moves within the recent channel
|- IOTA is one of the best-performing altcoins of the day.
- IOT/USD needs to recover above resistance $0.2800.
IOTA, the 16th largest digital asset with the current market value of $762 million, is one of the best performing altcoins of the day with nearly 3$ of gains in recent 24 hours. At the time of writing, IOT/USD is changing hands at $0.2753. The coin has recovered from the recent low of $0.2400 touched on September 24; however, the upside momentum seems to be limited at this stage.
We will need to see a sustainable move above $0.2800 for an extended recovery. This barrier, created by the upper line of the four-hour Bollinger Band, separates us from a stronger hurdle at $0.2870 ( SMA100 (Simple Moving Average) daily). Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $0.3000 and $0.3050 ( the upper line of daily Bollinger Band).
On the downside, keep an eye on $0.2740 ( SMA100 four-hour and the middle line of four-hour Bollinger Band). If it is broken, the price may slip lower towards $0.2670 (SMA50 and the lower line of Bollinger Band on a four-hour chart).
IOT/USD, the four-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.