IOTA Price Analysis: IOT/USD unlikely to break above $0.2300
- The intraday charts imply that IOTA/USD is vulnerable to correction.
- The major support si created below $0.2100.
IOTA is the 23th largest digital asset with the current market value of $627 million and an average daily trading volume of $12 million. The coin has gained over 2% in the recent 24 hours and over 3% since the start of Wednesday to trade at $0.2266 at the time of writing. IOT/USD is recovering after the recent sell-off in sync with the market.
IOT/USD: Technical picture
IOT/USD touched the intraday low at $0.2031 and managed to regain some ground. A sustainable move above $0.2200-$0.2220 improved the technical picture, tough the upside momentum is limited by $0.2300, which is reinforced by the middle line of the daily Bollinger Band located above that barrier and 4-hour SMA50. If it is cleared, the upside movement may gather pace and take the price towards $0.2350 with the 4-hour SMA100 located right below this barrier.
IOT/USD 4-hour chart
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The downward-looking RSI on the intraday chart implies that the bulls may have a hard time pushing IOTA price much higher during the day. The local support is created by the above-mentioned area $0.2200-$0.2220. If it is broken, the sell-off will continue towards 4-hour SMA200 at $0.2175. The ultimate downside goal comes at $0.2080 with a combination of daily SMA50, SMA200 and the lower line of the daily Bollinger Band.
IOT/USD daily chart
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Author
Tanya Abrosimova
Independent Analyst
