IOTA price trades higher with remarkable gains on Thursday. The price tested five months high near $0.055 in a strong move. The current price action suggests the bullish momentum is expected to further at least in the short-term.
- IOTA extends the previous session’s gains.
- A decisive close above $0.050 will bring more gains in IOTA price.
- The price rallied more than 70% in two days.
IOTA is ready to soar
On the daily chart, the IOTA price rallied 45% in just two days amid strong buying momentum. The volumes also zoomed abruptly to support the price momentum. The $0.050 remains a crucial level to trade as the price traded below the mark since November. In addition to that, the IOTA price for the first time sliced above the crucial 200-EMA (Exponential Moving Average) in the past five months.
Now, if the price manages to close above $0.050, it would increase the probability of the continuation of the upside momentum. In that case, the bulls will first take out the highs of October 8 at $0.060.
Furthermore, an increased buying momentum will push the price toward the horizontal resistance level placed at $0.070.
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On the contrary, a shift in the buying sentiment or if the bulls lack the buying conviction the price could retrace back to the lower levels. On moving downside, investors would collect the liquidity near the supply zone at $0.03.
A break below this level would raise the possibility that the price could revisit $0.025.
As of press time, IOTA/USD is trading at $0.04, up 26.60% for the day. The 24-hour trading volume is holding at $2,357,127,249 as reported by the CoinMarketCap. The volume rose exponentially in accordance with price. In general, this is a bullish sign for the price.
Technical indicators:
RSI: The daily Relative Strength Index trades above 75, which is an overbought zone. A downtick in the indicator could weaken the bullish outlook.
MACD: The Moving Average Convergence Divergence holds above the midline with a strong upside momentum.
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