IOTA Market Update: IOT/USD Ichimoku Kinko Hyo bullish set up to $0.30
- IOTA bulls remain at the frontline while focusing on bringing down the barriers at $0.2843 and $0.30.
- IOTA’s technical set up is ripe for gains but could be delayed due to low trading volume.
IOTA is trading in the green alongside other few selected coins in the market. Major cryptocurrencies such as Bitcoin and Ethereum are in the red after hitting barriers at their yearly highs. IOTA on the other hand, has sustained a gradual but steady uptrend since the March crash to $0.0750.
There have been instances of struggle and consolidation especially at $0.25. However, the cross above the Ichimoku Kinko Hyo green cloud has kept the bulls mainly in control. It is this same bullish setup that could soon take down the hurdle at $0.30 and open the way for gains towards $0.50.
In the meantime, IOTA is teetering at $0.2765. Other technical indicators like the RSI and MACD show that consolidation is most likely to take precedence. Both of these indicators are horizontal with the RSI at 64 and the MACD at 0.0112.
On the other hand, the gap between the 50 SMA and the 200 SMA in the daily range shows that buyers have the upper hand. The resistance at $0.2843 must, however, come down for gains above $0.30 to materialize. In the event of a reversal, support is anticipated at $0.25, the moving averages (50 SMA and 200 SMA) and the primary support at $0.20.
IOT/USD daily chart
-637315911197476697.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
