IOTA Price Analysis: IOT/USD bulls target $0.2300 amid strong recovery

IOTA hit the recent high at $0.2272 on Tuesday and retreated to $0.2246 by the time of writing. Despite the retreat, IOTA has gained over 5% on a day-to-day basis. IOTA is currently the 24th largest digital asset with the current market value of $622 million and an average daily trading volume of $15 million. The coin is most actively traded on OKEx against USDT.

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IOTA/USD: Technical picture

On the intraday chart, IOT/USD is recovering from the recent low of $0.1960 hit on June 27. The coin is moving within the upside trend with the local resistance created by 4-hour SMA200 at $0.2260. Once it is out of the way, the recovery is likely to gain traction with the next focus on psychological $0.2300 and $0.2350 (the recent recovery high). 

IOT/USD 4-hour chart

The local support is created by $0.2200. This barrier is reinforced by 4-hour SMA100 at $0.2180 and 1-hour SMA200 at $0.2170. This MA served as a consolidation support and a jumping off ground for a strong recovery. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.2100. The intraday RSI points upwards, which means the bullish momentum may gain traction later during the day. 

IOT/USD 1-hour chart