IOTA Price Analysis: Incredible 12.52% Surge Catapults IOTA above $0.3000

IOTA
Source: TradingView

IOTA Price Analysis: Incredible 12.52% Surge Catapults IOTA above $0.3000

  • IOTA recently formed a low at $0.2339 amid the crypto selloffs that we witnessed last week.
  • Forming support above $0.3000 will a definite win for the buyers.

IOTA is back to trading mid-April levels following a formidable rise on the first day of week and just a day before we say good bye to April. The increase is not unique to MIOTA/USD pair, we can see green shoots sprouting across the board. The reversal comes after IOTA embarked on a journey of trimming gains from April highs around $0.3833. The declines have been devastating to investors to the extent that it reached the levels traded just before the 2018 Christmas surge at $0.2339.

MIOTA/USD 1-hour chart

IOTA Price Analysis
Chart Source: Tradingview

IOTA recently formed a low at $0.2339 amid the crypto selloffs that we witnessed last week. Prior to that, the price had found refuge in a range between $0.3000 and $3188. The consolidation in this range culminated in IOTA diving deeper in the sea of red below both the 50 Simple Moving Average (SMA) and the 100 SMA 1–hour. Various potential support levels failed to rise up to the task including $0.3000, $0.2800 and $0.2600.

The price explored the levels below $0.2500 before finding significant support at $0.2339. Consequently, the weekend trading has been very fruitful for IOTA; first the crypto found balance following last week’s storm. Second, a trend reversal occurred where IOTA corrected above both the 50 SMA and the 100 SMA. This ignited further gains encouraging more buyers to enter the market.

Also Read: Crypto-Market Update: Bitcoin (BTC) Recovers But Altcoins XRP, XLM, and XMR Test Support Levels

The ballistic rise has seen IOTA zoom above $0.3000 resistance and formed an intraday high at $0.3325. The price currently exchanges hands at $0.3355 and is poised for a further move north. The Relative Strength Index (RSI) is trending higher in the oversold to show that the bulls have the upper hand. Besides, the 50 SMA has just double-crossed above the 100 SMA to confirm that traction the buyers are creating. Correction above $0.3500 is likely to bring IOTA closer to $0.400 but forming support above $0.3000 will a definite win for the buyers.

IOTA Key Technical Levels

RSI 1-hour: $79.34

50 SMA 1-hour: 0.27.40

100 SMA 1-hour: Trending in the footsteps of the 50 SMA.

Support 1: $0.3000

Support 2: $0.2600

Support 3: $0.2339

Resistance 1: $0.3325

Resistance 2: $0.3500

Resistance 3: $0.371

Summary
IOTA Price Analysis: Incredible 12.52% Surge Catapults IOTA above $0.3000
Article Name
IOTA Price Analysis: Incredible 12.52% Surge Catapults IOTA above $0.3000
Description
IOTA recently formed a low at $0.2339 amid the crypto selloffs that we witnessed last week. Forming support above $0.3000 will a definite win for the buyers.
Author
Publisher Name
Coingape
Show Comments
John Isige 62 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read content. His main focus is on cryptocurrency price analysis and industry news coverage.