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IOTA: This breakout can last a while

Crosses past few major hurdles in the week gone by.
Collaboration with CYBERCRYPT aides the sentiment.

Manoj B Rawal Independent Analyst

IOTA bulls are on tear as they have been able to cross past many critical hurdles in the past few days, including one today wherein it crossed past a major descending trendline that should result in meaningful gains for the crypto in the days ahead.

IOT/USD is up more than 6 percent on day at $0.3733, trading in almost 10 percent range for the day - good enough for a breakout rally, which has occured in this Sunday trading wherein it has crossed past a descending trendline that has been a tough nut to crack in the last 2-3 months, as seen on 480-minute chart. The news that IOTA has collaborated with CYBERCRYPT for a hash function troika has also aided sentiments. (Read here)

In the last few days, apart from crossing this descending trendline today, IOTA has also managed to cross past 50 and 21 EMA as well as 50 and 21 DMA on the daily chart. Good enough for the bulls after gaining some strength from these breakouts and rally some more, towards $0.43/44 and beyond.

IOT/USD 480-minute chart:

IOT/USD daily chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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