IOT price analysis: Breakout on the daily, overbought intra day
- IOTA broke out of the line it broke down of.
- Biggest gainer of the day, but may prov shortlived.
IOTA is biggest gainer of the day among the major cryptocurrencies in the Sunday trading as the recent breakout of the horizontal line which it broke down below as it proved to be a false break down, results in bulls gaining control of the crypto.
IOT/USD up more than 8 percent at $1.56, after reaching high of $1.58. Overbought RSI on the 15-minute chart is something that the bulls needs to be waried of. On the daily chart too, RSI is nearing the overbought zone. MACD, though nearing zero line from the lows will provide good enough support for bulls on the lower side.
For bears, bollinger bands provide good enough reason to maul bears on the 15-minute chart and chances are the gains may subside a bit before the bulls get their senses back.
IOT/USD 15-minute chart:
IOT/USD daily chart:
Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
