- IOTA has recovered from the recent range, but the further upside is limited.
- The local resistance is created by $0.25 handle.
IOTA is the best-performing altcoin out of top-20 today. The coin has gained over 3% in recent 24 hours to trade at $0.2464 by the time of writing. Notably, the coin hit the recent low at $0.2330 on August 29 and managed to recover towards $0.2600 resistance before a new wave of bearish sentiments pushed it back below $0.2500 handle.
Currently, IOTA takes the 17th largest coin with the current market capitalization of $685 million and an average trading volume of $7 million. IOTA is most actively traded on Bitfinex against BTC and USDT.
IOTA's technical picture
Looking technically, on the intraday level, IOTA’s recovery is capped by $0.2500. This psychological handle is strengthened by SMA100 (Simple Moving Average) and the middle line of Bollinger Band on the 4-hour chart and the middle boundary of Bollinger Band on a daily chart. A sustainable move above this handle will take us towards congestion area $0.2570-$0.2600 where new short-term sell orders are placed. This area contains SMA50 4-hour and the recent recovery high. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2700 ( the upper lines of 4-hour and 1-day Bollinger Bands).
On the downside, a sustainable move below $0.2400 handle will trigger new selling orders and push the price towards the recent low of $0.2330. This support is closely followed by psychological $0.2300 and $0.2200 ( August 15 low).
IOT/USD, 1-day chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.
The local resistance is created by $0.25 handle.
IOTA is the best-performing altcoin out […]