IOTA exchanges in green amongst a few other specific market tokens. IOTA is at the forefront of the cryptocurrency rally on the day after dominant progress from $0.2858 (opening value) to $0.3001 (prevalent market value) at $0.3130 intraday high. The daily IOT/USD chart has bullish signals embedded technically. Bulls stay at the forefront as buyers push IOT/USD past key hurdle at $0.31. The overall market cap for IOTA now stands at $832.16 million, with trading volumes of $35.98 million over the past 24 hours. Bitcoin (BTC) dominates exchange-traded prices in the past 24 hours far ahead of IOTA. Meanwhile, the value of IOTA is increasing at $0.3001. Recently, the IOTA Foundation launched Stronghold, a series of multi-purpose libraries for secure password management, personal data, and private keys, hence setting a further significant building block for IOTA adoption. Stronghold is an application of software designed solely to protect digital secrets from hackers and data leaks.
*The daily IOT/USD chart has bullish signals embedded technically
*Bulls stay at the forefront as buyers push IOT/USD past key hurdle at $0.31
*Recently, the IOTA Foundation launched Stronghold, a series of multi-purpose libraries for secure password management, personal data, and private keys
Resistance Levels: $0.3600, $0.3290, $0.3100
Support Levels: $0.2850, $0.2600, $0.2400
IOT/USD Daily Chart: bullish
IOT/USD Daily Chart
The technical view on the daily reflects the likelihood of a medium-term rally taking over the $0.31. The upward rising RSI and the MA 50 serving as a robust buffer brings this scenario to reality. The former is staying at the overbought area at 70; acceleration whether upwards or downwards may predict the path the price will follow upwards.
In the opposite scene, IOTA is likely to bounce off initial support at $0.2700 if declines come into play. Further losses may seek structural strength at the ascending trendline support, the MA 50 ($0.2400), the $0.2300 horizontal support level, the MA 200 ($0.2171), and $0.2012 beneath. On the daily IOT/USD chart, nevertheless, there are bullish signs embedded everywhere.
IOT/USD 4-Hour Chart: Bullish
IOT/USD 4-Hour Chart
In the short term, IOTA remains technically bullish as traders continue to keep prices beyond the tokens trend marking key MA 50. Significant support on the 4-hour trendline suggests that the IOT/USD pair may still rally to the $0.3100 level. All in all, in anticipation of a more short-term upside, IOT/USD traders are expected to buy any dips towards the $0.2850 level.
In a flag formation, the price still trends horizontally. The 4 hour MA 50 reveals heightened bullish momentum. The RSI trends horizontally to about 70, just beneath the overbought level. The IOT/USD pair is only bullish while exchanging beyond the level of $0.2700, the main resistance is $0.3290 and $0.3600 levels. If the IOT/USD pair is moving underneath the $0.2850, sellers may test the support levels of $0.2700 and $0.2400.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock