IOTA conquers the 50 SMA following in the footsteps of Ethereum Classic


  • The losses mostly driven by Bitcoin saw IOTA trim gains towards last week’s major support at $0.22.
  • IOTA’s recovery follows in the footsteps of the defiant Ethereum Classic’s 12% surge.

IOTA price is back in the green alongside several other cryptocurrencies. The grandparent cryptocurrencies Bitcoin is still nursing wounds after the bear’s mauling. $0.2325 - $0.2350 is coming up as an incredible support area. The losses mostly driven by Bitcoin saw IOTA trim gains towards last week’s major support at $0.22.

However, a low was formed at $0.2330 on Wednesday allowing the bulls to regain control. The rebound from this level initially stepped above $0.24 before extending the price action above the 50 Simple Moving Average 1-hour.

Read alsoCryptocurrency market update: Bitcoin real market dominance is 90% leaving altcoins with a mere 10%

At the time of writing, IOTA market value stands at $0.2428. The buyers intend to push the 1.32% gains higher on Thursday. Glancing ahead, $0.24 is the immediate hurdle. If IOTA manages to clear the resistance at this level, we are likely to witness a surge above the 100 SMA currently at $0.2456 towards the supply zone at $0.2520.

IOTA is following in the footsteps of the defiant Ethereum Classic. ETC continues to shake the ground in the market with gains over 12% on the day. After breaking the barrier at $6.4, the bulls are throwing jabs at $7.0 hurdle. The crypto’s technicals are still positive as discussed in this price analysis.

MIOTA/USD 1-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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin: Is this just a small blip?

Bitcoin is moving lower on Friday but it has found some short term support. The BTC/USD found support at the 2.00 Fib extension level close to 8,500. On the topside, the area to watch for resistance is marked in red. This red zone has been used as support and resistance in the past and if broken could indicate the move lower was just a blip.

More Bitcoin News

ETH/USD deadly weekly evening star followed up with another bearish candle

Ethereum price is trading in the red by 3.30% in the session on Friday. ETH/USD is running towards a complete reversal of 2020 gains. 

More Ethereum News

XRP/USD is stuck in the middle of a very congested area

Ripple trades 2% lower in another down day for cryptos. The price is now between 3 key support and resistance zones.

More Ripple News

LTC/USD break of $50 would be devastating

Litecoin price is trading in negative territory by 4.50% in the session on Friday. LTC/USD has been pushing south for two consecutive weeks, with bears in control.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls plot the revenge

Bitcoin's market capitalization settled at $176 billion, which is 62.8% of the total digital assets market.

Read the weekly forecast

BTC

ETH

XRP