IOTA price spiked higher recently by more than 20% and broke the $0.60 resistance against the US dollar. It seems like the price is now placed nicely for a push towards the $0.88 and $1.00 resistances.
- IOTA price formed a solid short-term bottom near $0.404 and jumped higher against the US Dollar.
- There was a break above a crucial bearish trend line with resistance at $0.580 on the daily chart.
- There could be more gains in the coming days towards the $0.800, $0.880 and $1.000 levels.
IOTA price analysis
The past few sessions were excellent for IOTA as its price jumped by more than 20 percent and settled above the $0.650 resistance. It seems like the price has moved into a bullish zone with a close above $0.500 and $0.600.
The daily chart of IOTA/USD indicates a massive drop in the price from the $1.225 resistance. The price tumbled below the $1.000 and $0.800 support levels. There was even a break below the $0.500 level before buyers appeared near the $0.400 level.
The price formed a low at $0.404 and settled below the 50-day simple moving average. Later, there was a fresh upward move initiated and the price traded above the $0.500 and $0.600 resistance levels.
There was also a break above the 23.6% Fibonacci retracement level of the last major decline from the $1.224 high to $0.404 low. More importantly, there was a break above a crucial bearish trend line with resistance at $0.580 on the daily chart.
It has opened the doors for more gains above the $0.700 resistance. The price is now approaching the next key resistance near $0.815 and the 50-day SMA. It also coincides with the 50% Fibonacci retracement level of the last major decline from the $1.224 high to $0.404 low.
A break above $0.815 is likely to push IOTA price towards the $0.880 resistance. The final target for the current bullish wave could be $1.000 and $1.030. If there is a downside correction, the broken supports near $0.650 and $0.550 are likely to act as strong support for buyers.