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IOTA Price Correcting Rally: Fresh Buying Opportunity?

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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.

The post IOTA Price Correcting Rally: Fresh Buying Opportunity? appeared first on Blockonomi.

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