IOTA Price Analysis: Bounce Back From Support Push IOTA/USD Beyond $0.2650 Barrier, IOTA Nears Total Decentralization

As the world expects the United States to complete the ongoing vote-counting session. The IOTA token has spotted another slight boost. It has been in a downtrend charting consecutive bearish days before a bounce back from support push IOTA/USD beyond the $0.2650 barrier. IOTA resumed the uptrend after the downtrend lost momentum at $0.2146. An ongoing recovery pulled the token to register an intraday high at $0.2773. IOTA’s total market cap now stands at $746 million with a trading volume of $14.41 million in the past 24 hours. At the time of writing, IOTA is doddering at $0.261 amid a growing momentum. IOTA gained 16.71% in the past 24 hours and 5.50% on a week to week basis. IOTA nears a total decentralization quest in the form of IOTA 2.0. sharing impressive data and progress. Recently, the IOTA Foundation announced the final Alpha release for IOTA Streams, an open-sourced DLT protocol that will enable encrypted and decentralized data streaming.

*It has been in a downtrend charting consecutive bearish days before a bounce back from support push IOTA/USD beyond the $0.2650 barrier
*At the time of writing, IOTA is doddering at $0.261 amid a growing momentum
*IOTA nears total decentralization quest in the form of IOTA 2.0. sharing impressive data and progress

Key Levels
Resistance Levels: $0.385, $0.354, $0.300
Support Levels: $0.250, $0.228, $0.194

IOT/USD Daily Chart: Ranging

IOTA/USD Daily Chart

On the daily chart, IOTA is nurturing an uptrend from a recently established support at $0.2146. After a price rejection at $0.3, IOTA bulls attempted to hold a price above $0.2650 but met with futility. A rebound from the ascending trendline support initiated a recovery amid rising buying pressure. At the moment, IOTA is changing hands above the MA 50 and MA 200 giving credibility to the bullish optimism.

A sustained break above the MA 50 which acted as a cap for price action will allow buyers to shift the focus back to $0.30 and then $0.4. The Relative Strength Index also reinforces the bulls’ presence after bouncing off the oversold region. On the downside, a push below the MA 50 coinciding with $0.25 might prompt a revisit to the $0.2146 support.

IOT/USD 4-Hour Chart: Ranging

IOTA/USD 4-Hour Chart

As seen on the 4-hour chart, IOTA’s bulls are working around the clock to sustain the fresh uptrend above the MA 50. A sustained breach past the $0.265 level will target the resistance at $0.30. On the flip side, if IOTA fails to hold above the MA 200, a rejection might spur a revisit to the primary support at $0.228.

If bears regain control over the price, declines to $0.20 may come into the picture. The IOT/USD pair is only bullish while trading above the $0.265 level, key resistance is found at the $0.300 and the $0.354 levels. If the IOT/USD pair trades below the $0.265 level, sellers may test the $0.250 and $0.228 levels.

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