IOTA has been drawing an uptrend straight after the market crash in March, and the constant blow of momentum has led to hitting 5-month resistance above $0.265. Regarding recent gain in price, IOTA, around the press time, was seen trading at $0.268. It was in the wee hours of the trading session today that the currency regained the lost momentum in the massive sell-off and was otherwise seen trading laterally.
Moreover, as the markets recover from the effects of the recent Pandemic caused by Coronavirus, the altcoin market has marked a great comeback wherein cryptos like ADA, DGB, VET, XVG, etc., have managed to hit stringent resistances. Slowly yet steadily, IOTA has also reclaimed 5-month high and is believed not to be influenced from the market movement of Bitcoin that itself is holding strong support at $9k awaits the possible breakout.
IOTA Price Analysis
IOTA during the March crash nosedived as low as $0.060 and right after the coin started strengthening and has gained over 300% from trading below $0.100 to currently trading above $0.25. IOTA has been continuously gaining without any consolidation over the past four months, which therefore led to regaining the complete support.
On the 2-hourly chart, IOTA, in the early hours of the trading session, today has reclaimed a position above $0.268 and retains complete support from MA50 and MA200. According to IOTA forecast, the recent blow of momentum in the intraday has to widen 20-day BB projecting moderate volatility. IOTA, on the other hand, has retreated to 5-month high and above for the second time in the ongoing month above $0.265.
The technicals are bearish than even, and the recent intraday hike has led to complete bullish divergence on the MACD as IOTA reclaims high after ten days. The RSI is inclined towards the overbought area due to a recent spike in demand and lies at 71.31.