IOTA Market Update: IOT/USD lift-off to moon begins as $0.30 draws nigh
- IOTA marvelously breakout after weekend dump to $0.24.
- IOTA price is heading for $0.30 resistance supported by the RSI and the increased trading volume.
IOTA is among the biggest single-digit gainers on the day. Most cryptocurrencies in the market remain lethargic in their trading. However, some selected coins are leading recovery including Chainlink, Tezos, NEO and Dash. IOTA is up 2.38% to trade at $0.0.2779 after adjusting from $2.88 (intraday high).
Over the weekend, IOT/USD slumped from last week’s highs around $0.2673 to the support established at $0.24. A quick recovery ensued pulling the price above the 23.6% Fibonacci resistance level taken between the last swing high of $0.2673 to a swing low around $0.24. There was a period of consolidation before IOTA broke out above the descending trendline.
Gains have been consistent on Monday with IOTA also hitting the level at $0.26. The trend is strengthened by the RSI; currently in the overbought region. The bulls are also armored by the Elliot Wave Oscillator (EWO) which has spiked incredible into a bullish session.
IOTA’s bulls are unlikely to give up especially with their eyes glued at $0.30. It is only a matter of minutes before the hurdle at $0.26 is pushed into the rearview.
IOT/USD 1-hour chart
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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
