IOTA price analysis: IOT/USD commences bullish climb in spite of overarching declines below $1.400

Both the 50 SMA and the 100 SMA are providing short-term support at $1.475.
IOTA price has declined 18% from Monday 21, however, its trading volume has been on the rise.

IOTA is among the biggest gainers on Thursday afternoon GMT after a short bullish wave sweeps across the market. Most cryptocurrencies have corrected higher with Bitcoin gaining over $200 in less than thirty minutes.

IOT/USD is up over 4.11% on the day and forming a bullish flag pattern at around $1.5. There is a bear momentum forming on the chart, however, both the 50 SMA and the 100 SMA are providing short-term support at $1.475.

The MACD on the 15’ timeframe chart has recovered fully from the negative territory. In addition to that, the Stochastic is now in the overbought levels. On the upside, IOT/USD will face resistance from the 38.2% Fib retracement level with last high leg at $1.735 and a low of $1.39.

The buyers are battling to find support above $1.490, but in the event, it fails to hold, the 23.6% Fibonacci retracement level which also coincides with both the 50 SMA and the 100 SMA will provide the support. Moreover, a stronger support zone is highlighted at $1.45. IOTA price has declined more than 18% since the beginning of the week but its trading volume increase from $50,660,600 the previous day to $83,679,700 recorded yesterday. Its market capitalization, on the other hand, has been kept above $4.5 billion in the past one week.

IOT/USD 15’ chart

Share: Cryptos feed

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.