IOTA price is trading higher with notable gains on Thursday. The price tested a five-month high near $0.055 in a strong move. Current price action suggests that bullish momentum is expected to increase further at least in the near term.
IOTA extends the profit from the previous session. A decisive close above $0.050 will bring more gains in the IOTA price. The price rose by more than 70% in two days.
IOTA is ready to soar
Source: Trade View
On the daily chart, IOTA price rose 45% in just two days amid strong buying momentum. Volumes also zoomed in abruptly to support price momentum. The $0.050 remains a critical level for trading as the price has been trading below the line since November. In addition, IOTA price cut above the crucial 200-EMA (exponential moving average) for the first time in the past five months.
If the price manages to close above $0.050, it would increase the likelihood of the upward momentum continuing. In that case, the bulls will first hit the October 8 highs at $0.060.
In addition, increased buying momentum will push the price towards the horizontal resistance level of $0.070.
On the contrary, a shift in buying sentiment or if the bulls lack buy conviction, the price could return to the lower levels. Moving downward, investors would gather liquidity near the supply zone at $0.03.
A break below this level would raise the possibility that the price could reach USD 0.025 again.
At the time of writing, IOTA/USD is trading at $0.04, up 26.60% for the day. The 24-hour trading volume is holding $2,357,127,249, as reported by the CoinMarketCap. Volume increased exponentially in line with price. Overall, this is a bullish sign for the price.
RSI: The daily Relative Strength Index is trading above 75, which is an overbought zone. A decline in the indicator could weaken the bullish outlook.
MACD: The moving average convergence divergence is holding above the centerline with strong upward momentum.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
Rekha started out as a Forex market analyst. Analysis of fundamental news and its impact on the market movement. Develop interest in the fascinating world of cryptocurrency later on. Tracking the market using technical aspects. Investigate analysis of the chain to follow the market.
This post IOTA price forecast: price jumps by 29%; Is it time to make or hold a profit?
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