IOTA price analysis: IOT/USD loses ground, moves within the recent channel
- IOTA is oscillating in a tight range in sync with the market.
- IOT/USD needs to recover above resistance $0.2850.
IOTA, the 17th largest digital asset with the current market value of $745 million, has been moving in a tight range recently. The coin has lost 1.8% of its value on a day-to-day basis amid global sell-off on the cryptocurrency market. At the time of writing, IOT/USD is changing hands at $0.2690. off the intraday high of $0.2739. The coin recovered from the recent low of $0.2400 touched on September 24; however, the upside momentum has faded away.
IOTA's technical picture
On the downside, the first line of support is identified at $0.2650. It coincides with SMA50 (Simple Moving Average) and the lower line of the Bollinger Band on a daily chart. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.2590 (October 18 low) and $0.2400 (September 24 low).
On the upside, a pivotal resistance awaits IOTA bulls on approach to $0.2850. This area includes the upper line of a Bollinger Band on a daily chart. It has been limiting thee recovery since the end of September. We will need to see a sustainable move above this handle for an extended recovery towards a psychological $0.3000.
IOT/USD, daily chart
Author
Tanya Abrosimova
Independent Analyst
