IOTA’s 2% surge towers a bearish cryptocurrency market

By January 6, 2020Altcoins
Click here to view original web page at
  • IOTA bulls are intentional with the push for gains within the ascending channel.
  • The establishment of support above $0.18 will support the correction targeting $0.2 resistance zone.

Cryptocurrencies across the board are reversing the trend after posting incredible gains on Monday. For instance, the market leader Bitcoin is trading at $7,875 following a retreat from $7,999. Ripple is down 3.36% after an over 10% surge yesterday while Ethereum is trading 1% lower in the day. IOTA, on the other hand, is keen on sustaining the accrued gains and intend to contain the losses above $0.18.

An observation on the hourly chart since the beginning of 2020 shows that IOTA’s bulls are ready for action. From a low of $0.1558, the price tested $0.1900. The trend has been confined within an ascending channel. The channel’s resistance and support have been tested numerously, however, they continue to hold.

IOTA is also trading above the 50 SMA and the 100 SMA. Besides, the moving averages will in turn function as key support lines in the event losses break the channel support. The RSI retreat from the overbought shows overbought conditions and a possible reversal in the price. On the other hand, the MACD suggests that IOTA will continue with the bullish inclination in the coming sessions.

IOT/USD 1-hour 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 views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

The establishment of support above $0.18 will support the correction targeting $0.2 resistance zone.


Leave a Reply