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IOTA Price Analysis: IOT/USD Prepares for a Push Past $0.35 on the Anticipated Chrysalis Phase 2 Launch

IOT/USD

Over the past week, crypto markets have experienced substantial volatility, supported by the terrific Bitcoin performance. IOTA has evolved into a major performer among the top 50 commonly traded cryptocurrencies up 11% on the week. IOTA traded upwards aiming towards the recent high at $0.4530 before a correction downwards. Reinforcing its return to the upside despite reversal patterns, IOT/USD prepares for a push past $0.35. After a bounce from $0.30, the token has registered an intraday high at $0.3400. IOTA’s total market cap now stands at $8.7 million with a trading volume of $17.68 million in the past 24 hours. On a day-to-day basis, the coin gained nearly 6%, while trading at $0.3349 at the time of this post. With the anticipated launch of Chrysalis Phase 2 (IOTA 1.5), which is a crucial update to IOTA’s transformation into an enterprise-ready blockchain, IOTA continues to keep its community abreast of its growth. IOTA 2.0 is intended to be a completely decentralized distributed ledger network, which will include all Chrysalis modules.

*IOTA traded upwards aiming towards the recent high at $0.4530 before a correction downwards
*Reinforcing its return to the upside despite reversal patterns, IOT/USD prepares for a push past $0.35
*IOTA continues to keep its community abreast of its growth

Key Levels
Resistance Levels: $0.4530, $0.4000, $0.3500
Support Levels: $0.3000, $0.2700, $0.2380

IOTA/USD Daily Chart: Ranging

IOT/USD Daily Chart

Following the earlier correction, IOTA seems to have found some semblance of stability between the confluence of the daily MA 50 and MA 200 immediate support on the daily chart and at $0.2716. The Relative Strength Index reinforces the probable sideways trading amid the leveling above the midline. IOT/USD is showing a potential rising wedge pattern and head and shoulders pattern. But price action would need to confirm the reversal.

If the price action does reach the target zone past $0.35, then this could push the price towards $0.40 which is a strong resistance area. Price action could easily build a retracement or reversal here. The head and shoulders pattern and rising wedge could start a reversal but not if the bulls can push beyond $0.4. Otherwise, the bears may come into the picture once more and target local support of MA 50 and MA 200 at $0.2716.

IOTA/USD 4-Hour Chart: Ranging

IOT/USD 4-Hour Chart

On the lower time frame, IOTA is nurturing an uptrend from a recently established support at $0.2716 near MA 200. Before the anchor, the token was rejected from the crucial resistance at $0.4345. Bullish efforts to keep it above the support turned resistance at $0.30 went down the drain as bears swung into action, taking control over the price.

The 4-hour chart for IOTA showed that it was in a correction phase with prices anticipated to return higher in the coming weeks. The RSI indicator showed that there is room for it to move up towards the overbought zone, hence more buy orders might get triggered. On the other hand, if IOT/USD price stays beneath $0.35 sellers may return to test the $0.30 near term support and $0.2716 MA 200 zone.

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

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