Tanya Abrosimova
Independent Analyst
- 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
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
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
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.