- IOTA price says no to selling pressure recovers from $0.777 dip to test $0.95 resistance.
- IOT/USD is likely to slide to the 50% Fib support before settling in another pullback towards $1.00.
IOTA is the shining star among the top ten cryptos by market capitalization. IOT/USD has been struggling under heavy selling pressure. Well, it is not just IOTA, most coins and altcoins have been correcting lower in large margins since the week started. But for IOTA, the slide seems to be over after the spike during the Asian trading hours on Friday. Moreover, the uptrend appears to have found a support above $0.90 in the European trading hours.
IOTA price dropped below the critical $1.00 on July 30 while the 50% Fib retracement level with the last swing high of $1.066 and a swing low of $0.777 at $0.922 failed to hold on August 1 leading to yet another break down slightly below $0.80. The price reached extremely oversold levels opening up the way for the buyers to enter culminating in the bullish engulfing candle witnessed today.
IOT/USD, however, the buyers encountered restrictions short of $0.95 resulting in a slide that has been supported marginally above $0.85. The cryptocurrency is now trading above the immediate support at $0.90. The 100 SMA on the 1-hour timeframe will work as support above $0.90. Another support will be provided by the trendline, which also coincides with the 38.2% Fib level.
The MACD is moving towards the positive territory while the stochastic is at the 66% mark and still moving north. This means that the buying power is still present and higher corrections will continue. However, keeping the support at $0.90 is essential to the buyers. But IOTA could slide to the 50% Fib support before settling in for a pullback towards the critical $1.00.
In other news, Upbit has announced that it is listing IOT as a tradable instrument on its platform. IOTA broke the news on Twitter today saying that the listing is a gesture of how IOTA Labs makes the listing process simple.
"Today's listing of IOTA on UPbit is a testimonial of how the IOTA Hub simplifies and expedites the listing process significantly," IOTA wrote on Twitter.
IOT/USD hourly chart
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