Iota Price Analysis: IOT/USD fireworks go off on Monday

IOTA spikes incredibly on Monday testing the critical $0.34 resistance.
Technical levels places IOTA in the hands of the bulls as more upward action is anticipated.

John Isige FXStreet

IOTA is trading nearly 10% higher on the day on Monday. It is arguably, the best performing cryptocurrency on the market. IOTA is trailed closely by Ethereum Classic, which is trading 6% higher on the day,

At the time of writing, Iota is trading at $0.3365 after correcting higher from $0.3060 (opening price). An intraday high of $0.33991 has been achieved. However, the momentum appears to be grinding to a halt.

Unless the resistance at $0.4 is broken, Iota could dive to erase the gains accrued on the day mainly due to the formation of a rising wedge pattern. According to the technical levels presented by the RSI, Iota is mainly in the hands of the bulls. The RSI at 83 has slowed down the upside momentum. Therefore, traders can be in the lookout for reversal signals, especially if the RSI retreats from the overbought.

On the other hand, the MACD shows clearly that the bulls are in charge. For example, the indicator has a bullish cross within the positive territory, cementing the bulls’ presence and influence over the price.

IOT/USD daily chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren