IOTA’s 2% surge towers a bearish cryptocurrency market
- IOTA bulls are intentional with the push for gains within the ascending channel.
- The establishment of support above $0.18 will support the correction targeting $0.2 resistance zone.
Cryptocurrencies across the board are reversing the trend after posting incredible gains on Monday. For instance, the market leader Bitcoin is trading at $7,875 following a retreat from $7,999. Ripple is down 3.36% after an over 10% surge yesterday while Ethereum is trading 1% lower in the day. IOTA, on the other hand, is keen on sustaining the accrued gains and intend to contain the losses above $0.18.
An observation on the hourly chart since the beginning of 2020 shows that IOTA’s bulls are ready for action. From a low of $0.1558, the price tested $0.1900. The trend has been confined within an ascending channel. The channel’s resistance and support have been tested numerously, however, they continue to hold.
IOTA is also trading above the 50 SMA and the 100 SMA. Besides, the moving averages will in turn function as key support lines in the event losses break the channel support. The RSI retreat from the overbought shows overbought conditions and a possible reversal in the price. On the other hand, the MACD suggests that IOTA will continue with the bullish inclination in the coming sessions.
IOT/USD 1-hour 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
