IOTA price surged higher by more than 20% in the past few sessions against the USDT, bitcoin and ETH. MIOTA is currently correcting gains, but it remains supported near $0.2880-0.2960.

  • IOTA outperformed major cryptocurrencies and rallied nearly 20% above $0.3200.
  • There was a break above a key bearish trend line with resistance at $0.2870 on the 4-hours chart.
  • MIOTA is currently correcting lower, but the bulls are likely to reappear near $0.2960 or $0.2880.

IOTA Price

IOTA Price Analysis

In the past three sessions, there was a steady drop in bitcoin and altcoins such as Ethereum, ripple, cardano, bitcoin cash, EOS, litecoin and stellar lumen. However, IOTA outperformed and surged above the $0.2650, $0.3000 and $0.3200 resistance levels.

IOTA Price Analysis MIOTA Chart

Click to Enlarge Chart

Looking at the 4-hours chart of IOTA/USD, the pair started a strong upward move after trading as low as $0.2327. The bulls gained bullish momentum and pushed the price above the $0.2500, $0.2650 and $0.3000 resistance levels.

Besides, there was a break above a key bearish trend line with resistance at $0.2870 on the same chart. There was a successful close above the $0.3000 level and the 25 simple moving average (4-hours).


Finally, the price rallied above the 61.8% Fib retracement level of the last decline from the $0.3758 high to $0.2327 low. The price surged towards the $0.3450 level and faced a strong selling interest near the $0.3420 level.

It seems like the 76.4% Fib retracement level of the last decline from the $0.3758 high to $0.2327 low prevented additional gains. As a result, there was a downside correction below the $0.3200 and $0.3120 support levels.

It seems like IOTA is approaching a couple of important supports near $0.3000 and $0.2960. The previous resistance area near the $0.2880 and $0.2960 levels is likely to act as a strong buy zone in the near term.

Therefore, the bulls are likely to take a stand near the $0.2880 and $0.2960 levels. Below $0.2880, the price may move back in a bearish zone. On the upside, an initial resistance is at $0.3200, above which the price could break the $0.3420 resistance and test $0.3600.

The market data in the USD is calculated by TradingView, Binance.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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