IOTA Price Analysis: IOT/USD battles triangle resistance for a potential breakout to $0.26


  • IOTA has the potential to break the triangle resistance at $0.2170.
  • Technical signals have remained relatively positive despite the resistance at $0.2170.

IOTA has commenced the trading on Thursday on a bullish note. The symphony of the bullish tune is reverberating well with the buyers. Following the slide to lows around $00.1877, attempts have been made to push the price higher. Unfortunately, the resistance at $0.22 has proved to be an uphill task.

The price is, however, nurturing a bullish an upward trend above a short term ascending trendline. The trend also meets a horizontal resistance line at $0.2170 to form a rising triangle pattern. If the triangle resistance is cleared, chances are the bulls will be rejuvenated and increase entries, pushing the price towards the supply zone at $0.26.

On the other hand, IOTA could fall back under $0.20 in the event the triangle support is broken. The upside is initially limited by the 50 SMA on the 4-hour chart at $0.2182. Other resistance zones include $0.23, the 100 SMA at $0.2378 and the major supply zone at $0.30.

The technical picture is relatively positive especially with the RSI grinding towards 70. The Elliott Wave Oscillator is posting a bullish session for the second day in a row.

IOT/USD 4-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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Crypto Today: Calm between the storm? Schiff says look out below, Dash, Monero stand out

Bitcoin in mid-range, BTC/USD is trading just below $7,400 after experiencing rises and falls of hundreds of dollars within days. Peter Schiff, a life-long crypto skeptic, said that pumpers and dumper have lost the plot, and added: "Look out below".

More Cryptocurrencies News

Ethereum Price Analysis: ETH/USD bumps into $148.00, waits for new drivers

ETH/USD has recovered to $148.00 on Thursday; however, the upside momentum has faded away during early Asian hours. The second largest coin with the current market capitalization of $16.2 billion has settled in a tight range limited by $148.00 on the upside.

More Ethereum News

Monero Price Analysis: XMR/USD rises from the ashes

Monero is arguably the biggest single-digit gainer on the first Friday of December. The crypto has increased in value by 2% on the day after opening the trading session at $55.01. 

More Monero News

Bitcoin Cash price analysis: BCH/USD market momentum turns from bearish to bullish

BCH/USD is on course of charting its second straight bullish day. Currently, the price has gone up slightly to $211.75 and is floating below the 20-day Simple Moving Average (SMA 20), SMA 50 and SMA 200 curves. 

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast

BTC

ETH

XRP