IOTA Price Analysis: Despite a Crippling Hack Attack, IOTA(MIOTA) Kick-Start to Stay Afloat Past the $0.20 Level

By March 12, 2020Altcoins
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As at the time of writing, IOT/USD is changing hands at $0.1973, largely unchanged daily; although IOT/USD has lost more than 40% of its value in the meantime, given the technical woes as reported on, the coin is still 25% higher than the levels recorded at the start of the year. It took IOTA nearly a month to fix after a crippling hack attack exploited a flaw in the Trinity Wallet and forced users to lose about $2 million, forcing developers to effectively suspend the network to avoid more losses until the issue was resolved. In particular, David Sonstebo, co-founder of IOTA, proffer compensation to all users who lost money because of the hack attack.

*IOT/USD kick-start to stay afloat past the $0.20 level
*IOTA co-founder, David Sonstebo, to proffer compensation to the victims of the hack attack
*The coin is still 25% above the levels recorded at the start of the year

Key Levels
Resistance Levels: $0.3825, $0.3000, $0.2400
Support Levels: $0.1777, $0.1500, $0.1358

IOT/USD Daily Chart: Ranging

Taking into account the RSI on the daily chart has started to reverse from the oversold zone, the upside scenario seems likely; however, to alleviate the initial bearish pressure and pave the way for further recovery we may require a sustained momentum past the $0.2000 level.

Once that hurdle is out of its path, the upside is likely to gain momentum at $0.2300 level with the next target on even stronger resistance. On the downside, the level of $0.1777 provides initial support. If this obstacle gives way, the sell-off may be extended to a low level of $0.1500 in the near term and a low level at $0.1358 of December 2019.

IOT/USD 4-Hours Chart: Bearish

From a technical standpoint over the four hours, on March 9th, amid significant crypto-currency losses triggered by global risk aversion, IOTA hit the bottom at $0.1777 level, while during today’s trading, IOTA hit an intraday low of $0.1930 as at early European hours and recovered to $0.2020 during the time of writing.

IOT/USD is trying to stay afloat past the level of $0.20 as MA 50 functions as a magnetic line attracting prices up to the level of $0.2150, this scenario usually indicates that an over-sold area technical correction may be in progress. This could open the way to $0.2300-$0.2400 levels (the upper limit of the January consolidation channel) and the psychological $0.3000 level if it continues at the level of $0.20 while significantly increasing the pressure to reduce the downside and improve the technical situation in the short term.

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