IOTA price analysis: IOT/USD catapults above $1.72 as the community celebrates Trinity app

IOTA is the market leader with 7% growth.
IOTA Foundation launches wallet app.

Tanya Abrosimova Independent Analyst

IOTA the 9th digital coin by market value is a growth leader today. The coin gained over 7% in recent 24 hours, trading at $1.72 handle at the time of writing. IOT/USD retraced from intraday high reached at $1.73, though the upside momentum is gaining traction.

IOTA's trading volumes spiked on May 29 after IOTA Foundation announced Trinity Mobile Wallet app release. IOTA is most actively traded on Bitfinex against USD with daily volume $30M, which is 30% of the total amount.

Trinity wallet is available in App Store and Google Play. It allows to store seed-phrases and has a super user-friendly interface so that even the least tech-savvy customers could use the app.

IOTA recovered above 100-DMA, currently at $1.6096. This level serves as the first line of support for the coin. Once it is broken, the downside momentum may gain traction and take it towards $1.33 (May 29 low). The ultimate trend breaking resistance comes at $2.0 and $2.2 (that's where 23.6% Fibo retracement intersects with long-term downside trendline and 200-DMA). If the coin manages to break through this strong area, the upside momentum will catapult it towards $2.7790 (38.2% Fibo).

IOT/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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