IOTA price analysis: IOT/USD is OK as long as it stays above $1.0
- IOTA's momentum is defined by broader market sentiment.
- IOTA has gained 4.5% on daily basis.
IOTA is off the Asian high reached at $1.06, but it is still trading with short-term upside bias after a strong recovery during the weekend. IOT/USD is changing hands at $1.05, up 4.5% on daily basis. IOTA's market value has reached $2.9B, while the average trading volume is registered at $58M. IOTA is most actively traded at Bitfinex.
IOTA is moving in lockstep with other cryptos, influenced mostly by speculative positioning and technical factors. However, strong recovery abbove $1.0 handle brightens IOTA's short-term horizon, paving way for more extended correction.
IOTA short-term technical picture
IOT/USD is trading above all MAs (30-min chart), with local support registered at $1.04 (50-SMA). Once it is broken, the price may dip lower to $1.02 with ultimate support at psychological $1.00, followed by $0.98 (200-SMA). On the upside, the first target is set at $1.01 (recent high) and followed by $1.1.
Author
Tanya Abrosimova
Independent Analyst
