IOTA price analysis: IOT/USD drifts down on Thursday
- IOTA loses 5% during early Asian hours.
- The downside momentum may gain traction.
IOTA, now the 17th largest cryptocurrency with the market value of $774 million has been losing ground since the beginning during Asian hours on Thursday. The coin has recovered from Wednesday’s low of $0.2770, though it is still 5% lower on a day-on-day basis.
The recent news of IOTA partnership with Jaguar provided a short-term boost for IOTA and pushed the price towards $0.3290. Though, the bullish momentum faded away quickly.
IOTA’s technical picture
On intraday charts, IOT/USD capped by $0.2900 with SMA100 (4-hour) located above the said barrier. Once it is cleared, the recovery may be extended towards $0.2990-$0.3000. This resistance is created by a confluence of an upper boundary of 4-hour Bollinger Band and SMA200 4-hour.
On the downside, the local support lies with $0.2850 (lower boundary of 1-hour Bollinger Band). It is followed by psychological $0.2800 and $0.2770 (lower boundary of 4-hour Bollinger Band).
Considering the downward-looking intraday RSI the further downside correction looks likely at this stage. However, the sell-off may be limited by $0.2600.
IOTA/USD, 4-hour chart
Author
Tanya Abrosimova
Independent Analyst
