IOTA price analysis: IOT/USD breaks out leading crypto recovery with a 4% gain
- IOTA spikes in an impressive movement towards $0.28 after finding support at $0.24 - $0.25.
- A reversal is likely heading towards IOTA’s way as the RSI hit overbought conditions.
The cryptocurrency market is mostly in the green on the second day of this week’s trading. Spotting a 4% gain in value on the day, IOT/USD has hit an intraday high of $0.27935. other cryptos with relatively impressive gains are EOS, Bitcoin Gold and NEO.
IOTA price found cushion between $0.24 - $0.25 following September’s shattering drop. This allowed for several days of consolidation with the upside mainly capped under $0.27. However, the correction above the descending trendline resistance yesterday allowed the bulls to push the price above the simple moving averages (SMA).
An impressive movement above $0.2700 has seen IOTA approach the next hurdle at $0.28. However, there is a likely hood of a reversal (probably minor) as the relative strength index hits the overbought conditions. Nevertheless, the moving average convergence suggests the buyers have the upper hand, at least for now. Both the 100 SMA on the hourly chart and the 50 SMA are in line to offer support in case an extended reversal takes place.
IOT/USD hourly 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
