Tanya Abrosimova
Independent Analyst
- IOTA is one of the best-performing altcoins out of top-30.
- IOT/USD has a potential to retest the psychological resistance of $0.2300.
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.
Read also: IOTA Market Update: IOT/USD gains ground amid the releases of the new protocol
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
-637291864703636197.png)
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
-637291864938330955.png)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume
Decentralized exchange (DEX) PancakeSwap (CAKE) announced in an official tweet that it has crossed $1 billion in trade volume on the Layer 2 chain, Base. CAKE on-chain metrics support the thesis of a recovery in the DEX token’s price.
Shiba Inu hits new milestone, over $9 billion worth of SHIB tokens burnt
Shiba Inu (SHIB), the second-largest meme coin in the crypto ecosystem, recently hit a milestone in the volume of tokens burned. Shiba Inu has burnt over 410.72 trillion SHIB tokens since the inception of the burn mechanism in the project, worth over $9 billion.
Dogwifhat crashes 60%, but here's why you should not buy WIF yet Premium
Dogwifhat (WIF) price shows a slowdown in the bearish momentum as it sets up a potential range. This development could lead to a good buying opportunity from a long-term perspective.
XRP struggles to overcome $0.50 resistance, SEC vs. Ripple could enter final pretrial conference
XRP is struggling with resistance at $0.50 as Ripple and the US Securities and Exchange Commission (SEC) are gearing up for the final pretrial conference on Tuesday at a New York court.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.