A green day for the entire market but Bitcoin continues losing its dominance down almost 1% since mid-August. Altcoins continue gaining ground, especially IOTA which has climbed from a March low of $0.59 to hit a $0.45 high on Aug 21. The total market capitalization has been growing significantly after the big crash on March 12. IOTA’s total market cap now stands $1.01 billion with a trading volume of $30.46 million in the past 24 hours. IOTA price has been on a roll recently, trading in a continuous downtrend after reaching high at $0.45. The latest rally peaked after the IOT/USD price rebounds past $0.35. At the time of writing, IOT/USD is changing hands at $0.3657, down from the intraday high of $0.3700. Recently, the European Patent Office issued Mastercard a new patent for the billing method based on IOTA’s Tangle. Mastercard’s patented method involves a model that used a seamless storage system for billing device usage.
*IOTA price has been on a roll recently, trading in a continuous downtrend after reaching high at $0.45
*The latest rally peaked after the IOT/USD price rebounds past $0.35
*The European Patent Office issued Mastercard a new patent for billing method based on IOTA’s Tangle
Key Levels
Resistance Levels: $0.4500, $0.4200, $0.4000
Support Levels: $0.3500, $0.3200, $0.2700
IOT/USD Daily ChartOn the daily, technicals suggest an active bull trend with a retest of August highs likely. The medium-term momentum indicators suggest price is slightly returning to the bull zone without any threat to the overall trend. IOTA/USD has now resumed the bullish continuation as the buyers gain control of the market with eyes at the $0.4000 resistance level.
So far this session, the price of the asset has gone up from $0.3445 low level to $0.3700 high level. The RSI shows increasing bullish momentum. There are strong resistance levels at $0.4000, $0.4200, and $0.4500. On the downside, we have healthy support levels at $0.3200 (MA 50 zone) and followed by a $0.2700 level.
IOT/USD 4-Hour ChartIOTA’s consolidation period has been a bit more pronounced than expected on the 4 hour time frame but the big support level at $0.3500 was held a few times in a row. IOT/USD has had a bullish session following two consecutive sessions. The price is trending in a channel formation and is presently sandwiched between the MA 50 and MA 200 4 hour chart. The RSI shows sustained bullish momentum.
IOT/USD is starting to emerge through strong technical buying pressure along with the wider crypto market following a breach of the $0.3500 resistance turned support zone. The IOT/USD pair is only bullish while exchanging beyond the level of $0.3500, the main resistance is seen at levels between $0.4000 and $0.4500. If the IOT/USD pair exchanges beneath $0.3500, then sellers may test the support levels of $0.3200 and $0.2700.
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
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
