IOTA market update: IOT/USD bulls finally wake up; all eyes set on $0.30
- Bullish action on Monday increases the bulls’ confidence in the recovery towards $0.30.
- The improving technical picture suggests the buyers’ grip will last longer.
IOTA is among the selected few cryptos in the green. The new bullish action targets a breakout above the descending trendline resistance. IOTA is up a subtle 1.3% on the day from the weekend support at $0.2550.
Despite the recovery, the price is still trading below the Simple Moving Averages. On other hand, the 50 SMA on the 4-hour chart is above the 100 SMA to show that the current bullish trend has a potential to last longer.
Moreover, the Relative Strength Index gradual slope towards 70 signals an improving technical picture. The same upward momentum is emphasized by the Moving Average Convergence Divergence which is almost crossing into the positive territory.
IOT/USD 4-hour chart
-637096563143302748.png&w=1536&q=95)
-637096563143302748.png)
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
