IOTA Price Analysis: IOT/USD outperforms Bitcoin, spikes above the Ichimoku Kinko Hyo
- IOTA leads recovery in the market after widespread mid-week retracements such as BTC’s slump below $9,400.
- IOTA is mainly in the hands of the buyers; its technical picture is strongly bullish.
IOTA is towering above major cryptocurrencies in the market following a 1.7% growth on the day compared to Bitcoin’s 0.08% gain. Other cryptoassets such as Ethereum and Ripple have only managed to add 0.53% and 0.32% to their values on the day. IOTA, on the other hand, opened the trading at $0.2501 and advanced upwards to $0.2570. At the moment, IOT/USD has adjusted to $0.2544 (market value).
Related reading: Bitcoin Price Prediction: BTC/USD en route to $20,000 by end of 2020 – Confluence Detector
Technically, the price is in the hands of the buyers. Moreover, IOTA has continued to increase the gap above the moving averages. Meanwhile, the 200-day SMA is ready to function as a support area in case of a reversal targeting $0.20. The 50-day SMA is moving fast towards the 200-day SMA. If the short term moving average cross above the long term 200 SMA, IOTA price could spike even further towards $0.30.
For now, the language the chart is speaking is mainly bullish, especially with the price above the green Ichimoku Kinko Hyo. In addition to that, the RSI is back in the overbought region as the MACD trends higher within the positive region. A break above $0.30 would pave the way for gains towards $0.40; which would be a great milestone for IOTA bulls.
IOT/USD daily chart
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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
