IOTA Price Analysis: IOT/USD fails to pass $0.2300 amid range-bound trading

The intraday charts imply that IOTA/USD will stay in the range.
The local support si created by $0.2220.

Tanya Abrosimova Independent Analyst

IOTA is the 23th largest digital asset with the current market value of $627 million and an average daily trading volume of $13 million. The coin has gained 2.3% in the recent 24 hours and stayed unchanged since the start of Thursday, moving in sync with the market. At the time of writing, IOT/USD is changing hands at $0.2253, while the recovery is capped by $0.2300.

IOT/USD: Technical picture

IOT/USD touched the intraday low at $0.2248 and managed to regain some ground. However, all the recovery attemts are blocked by psychologuical $0.2300, reinforced by Wednesday's high and the middle line of the daily Bolllinger Band. A sustainable ove higher will improve the technical picture and attract new buyers to the market. The next resistance is created by $0.2500 and $2550 (the upper line of the daily BB).

On the downside, the critical support is created by a combination of the daily SMA50 and the lower line of the daily BB at $0.2080. This support is likely to slow down the sell-off and serve as a jumping-off ground for a new bullish wave.

IOT/USD daily chart

The intraday channel is limited by 1-hour SMA200 and the upper liune of 1-hour BB at $0.2275 on the upside. The lower boundary of the range is created by 1-hour SMA50 at $0.2220.