IOTA price analysis: IOT/USD consolidates close to $1.0 amid muted reaction to Bithumb hack

IOTA is rangebound with bearish bias.
IOTA is moving in sync with other cryptos.

Tanya Abrosimova Independent Analyst

IOTA is trading with a downside bias, being dangerously close to critical $1.00 handle. The coin is down 5.5% on daily basis amid general sell-off on the cryptocurrency market. IOTA's market value has reached $3.1B, while the average trading value is registered at $73M. Over 50% of all IOTA-related transactions are processed by Binance. IOT/USD is currently changing hands at $1.12

IOTA is moving in lockstep with other cryptos. While Bithumb hack is considered to be a bearish factor, it produced little effect on the market so far. The exchange resumed the operations pretty quickly and promissed compensation for all affected accounts.

IOTA technical picture

From the technical point of view, the local resistance is created by $1.21 (50-SMA, 4-hour chart), followed by $1.33 (May 29 low) and $1.42 (100-SMA). On the downside, the support is seen at $1.00. This is a critical level, once broken, the sell-oo may be extended towards April's low at $0.91.

IOT/USD, 4-hour chart

Author

Tanya Abrosimova

Independent Analyst

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