IOTA price analysis: MIOTA/USD leads crypto market in recovery adding 7%
|- The prevailing trend is strongly bullish within an ascending channel.
- The Relative Strength Index (RSI) entering the overbought territory signals a stronger momentum.
IOTA is the leader in the cryptocurrency during the weekend trading session. The market is generally in the green with most cryptocurrencies among the top 20 with gains between 1% and 8%. IOTA has corrected upwards 7.44% on the day after trading lows at $0.29837.
The prevailing trend is strongly bullish within an ascending channel. The price is also above the moving averages following the break past the 50 SMA 1-h at $0.2800 and the 100 SMA 1-h at 0.2918. The short-term 50 SMA cross above the 100 SMA is a key indicator for continuing bullish momentum.
Other technical indicators further emphasize the momentum including the Moving Average Convergence Divergence (MACD) whose divergence suggests increasing buying positions. The Relative Strength Index (RSI) entering the overbought territory signals a stronger momentum.
The upside is limited at $0.3300 while a correction above the ascending trendline will bring IOTA to the hurdle at $0.3400. On the downside, $0.3200 is providing short-term support. Other support areas to look out for are $0.3000 and $0.2600.
MIOTA/USD 1-h chart
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