IOTA price analysis: IOT/USD prime for gains above $0.50: eToro adds support for IOTA
|- “At eToro we believe in diversification and we are committed to bringing more cryptoassets onto our platform for our users to invest in,” Yoni Assia CEO at eToro.
- IOTA buyers must fight for a support above $0.50, although the 38.2% support is poised to halt extended declines.
IOTA has maintained an uptrend since the recent overarching declines in the month of August. IOTA buyers suffered under heavy selling pressure led by Bitcoin (BTC), which plunged from trading above $7,000 to below $6,000. IOT/USD formed a low of 0.39 before the bulls entered pulling the price back up.
Further upside movement overcame $0.50 resistance and stepped above $0.550 but reacted lower on trading highs of $0.57. Although the slide broke $0.50 support, the 38.2% Fib retracement level stopped the declines assisted by the trendline support. The buyers not ready to give up control to the sellers battled for another recover above $0.550. However, they lacked a catalyst to sustain the uptrend above this level and subtle lower corrections occurred.
At the moment, IOTA price has found support at the trendline marginally below $0.50. The price is trading above the 100-day moving average the one-hour chart. Moreover, the 100 SMA will now offer support as the buyers reach out for higher levels. The immediate supply zone resistance is at $0.547 while the ultimate short-term resistance for the IOTA is at $0.574.
The trend is bullish at the time of press and IOTA is primed for gains towards $0.60 in the medium-term. Various technical indicators on the chart show that buyers are in control for now. In the meantime, it is important that the buyers keep the support above $0.50. However, if the reversal occurs, the above mentioned 38.2% Fib support at $0.462 will come in handy to stop declines.
IOTA now supported on eToro trading platform
IOTA has been added to the growing list of tradable assets on eToro trading platform. Its listing has brought the total number of trading instruments to 12 on the platform. Some of the assets already on eToro include Bitcoin, Ethereum, Bitcoin Cash, XRP, Ethereum Classic, Dash and four others.
IOTA is also going to be added on eToro’s Crypto CopyFund; a platform that utilizes CFDs to help the investors diversify investments across the currently available digital assets. Yoni Assia, Co-founder, and CEO at eToro, commented:
“At eToro we believe in diversification and we are committed to bringing more cryptoassets onto our platform for our users to invest in.”
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