Cryptocurrency market update: IOTA's ballistic bounce leads market recovery

Investors hold are holding their breath as prices on the market start to trend upwards. The recovery comes after the market plunged yesterday dumping at least $2 billion. The entire market was bleeding except for Binance Coin (BNB) which spiked more than 16% in addition to claiming a spot among the top ten cryptocurrencies.

IOTA price technical picture

IOTA is among the biggest single digit gainers on Thursday. After falling into the ashes yesterday, the bulls are back to revenge. IOTA is up over 6% on the day and trading at $0.2617. The crypto has been trending lower since the first week of January 2019 where it traded highs of $0.4083. The declines in the last several weeks have not been able to find strong support. However, the drop yesterday hit rock bottom at $0.24.

The bulls have rushed in to prevent further breakdown and IOTA is testing the resistance at $0.2650. Both the hourly 50-day Simple Moving Average (SMA) and the 100-day SMA are offering support at $0.2500 and $0.2536.

IOTA is poised for more correction north as observed by the Relative Strength Index (RSI) which is almost entering the oversold region after descending into the oversold yesterday. The Moving Average Convergence Divergence (MACD) has crossed into the positive territory to show that this bullish momentum is here to stay, at least in the short-term.

MIOTA/USD 1-hour chart