- The prevailing trend is strongly bullish within an ascending channel.
- The Relative Strength Index (RSI) entering the overbought territory signals a stronger momentum.
IOTA is the leader in the cryptocurrency during the weekend trading session. The market is generally in the green with most cryptocurrencies among the top 20 with gains between 1% and 8%. IOTA has corrected upwards 7.44% on the day after trading lows at $0.29837.
The prevailing trend is strongly bullish within an ascending channel. The price is also above the moving averages following the break past the 50 SMA 1-h at $0.2800 and the 100 SMA 1-h at 0.2918. The short-term 50 SMA cross above the 100 SMA is a key indicator for continuing bullish momentum.
Other technical indicators further emphasize the momentum including the Moving Average Convergence Divergence (MACD) whose divergence suggests increasing buying positions. The Relative Strength Index (RSI) entering the overbought territory signals a stronger momentum.
The upside is limited at $0.3300 while a correction above the ascending trendline will bring IOTA to the hurdle at $0.3400. On the downside, $0.3200 is providing short-term support. Other support areas to look out for are $0.3000 and $0.2600.
MIOTA/USD 1-h chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.