- 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 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.
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
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 the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige