IOTA Market Update: IOT/USD bulls push the throttle to $0.30

IOTA has since Wednesday been at the helm of cryptocurrency recovery. While major assets such as Bitcoin took a step back from their respective rallies, IOT/USD remained focused on the mission to bring down the resistance at $0.30. As reported in the previous price analysis, the position above the Ichimoku Kinko Hyo green cloud means that buyers are mainly in control.

IOT/USD has tested the hurdle at $0.30 but retreated slightly to $0.2921 (prevailing market value). A break above $0.30 is likely in the coming sessions and could see IOTA extend the rally to higher levels at $0.35 and $0.40 respectively.

Meanwhile, the technical picture highlights the possibility of consolidation taking over under $0.30 in the near term. This situation is brought to light by the sideways moving RSI as well as the MACD. The former is holding at the overbought (70); movement either up or down can detect the direction the price will take following the consolidation.

As for the MACD, a minor bullish divergence hints that buyers have an upper hand and that the trend has an inclination to upward price action. In addition, the gap made by the 50-day SMA and above the 200-day SMA clearly shows that bulls have a higher influence over IOT/USD.

If declines come into the picture, IOTA is likely to bounce off initial support at $0.2750. Additional losses would seek anchorage at the accelerated trendline (broken), the 50-day SMA ($0.2413), the main trendline (black continuous), the 200-day SMA ($0.2175) and $0.20.

IOT/USD daily chart