Tanya Abrosimova
Independent Analyst
- IOTA has recovered from the recent range, but the further upside is limited.
- The local resistance is created by $0.25 handle.
IOTA is the best-performing altcoin out of top-20 today. The coin has gained over 3% in recent 24 hours to trade at $0.2464 by the time of writing. Notably, the coin hit the recent low at $0.2330 on August 29 and managed to recover towards $0.2600 resistance before a new wave of bearish sentiments pushed it back below $0.2500 handle.
Currently, IOTA takes the 17th largest coin with the current market capitalization of $685 million and an average trading volume of $7 million. IOTA is most actively traded on Bitfinex against BTC and USDT.
IOTA's technical picture
Looking technically, on the intraday level, IOTA’s recovery is capped by $0.2500. This psychological handle is strengthened by SMA100 (Simple Moving Average) and the middle line of Bollinger Band on the 4-hour chart and the middle boundary of Bollinger Band on a daily chart. A sustainable move above this handle will take us towards congestion area $0.2570-$0.2600 where new short-term sell orders are placed. This area contains SMA50 4-hour and the recent recovery high. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2700 ( the upper lines of 4-hour and 1-day Bollinger Bands).
On the downside, a sustainable move below $0.2400 handle will trigger new selling orders and push the price towards the recent low of $0.2330. This support is closely followed by psychological $0.2300 and $0.2200 ( August 15 low).
IOT/USD, 1-day chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum resume sideways move as Grayscale files to withdraw Ethereum futures ETF application with the SEC
Grayscale has withdrawn its 19b-4 application for an Ethereum futures ETF. SEC Chair Gensler says several crypto assets are securities as he waives off ETH classification question. Ethereum could sustain horizontal movement in the coming weeks.
FTX files consensus-based plan of reorganization, awaits bankruptcy court approval
98% of creditors receive at least 118% of allowed claims within sixty days of effectiveness, others get billions in compensation. Plan would resolve disputes with government and private stakeholders without costly and protracted litigation.
Solana FireDancer validator launches documentation website, SOL price holds 23% weekly gains
Solana FireDancer validator has debuted, meant to replicate Solana’s functionality but with higher performance. Built from the ground up for performance, FireDancer advertises speed, security, and independence.
Bitcoin price may see further upside, Standard Chartered says, citing looser regulation and US spot ETFs
Bitcoin could benefit from US fiscal dominance and Trump winning, Standard Chartered says, citing loser regulation and spot ETF approvals. Hong Kong issuers told WuBlockchain that the government prohibits sale of virtual asset-related products to mainland Chinese.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.