IOTA conquers the 50 SMA following in the footsteps of Ethereum Classic

  • The losses mostly driven by Bitcoin saw IOTA trim gains towards last week’s major support at $0.22.
  • IOTA’s recovery follows in the footsteps of the defiant Ethereum Classic’s 12% surge.

IOTA price is back in the green alongside several other cryptocurrencies. The grandparent cryptocurrencies Bitcoin is still nursing wounds after the bear’s mauling. $0.2325 – $0.2350 is coming up as an incredible support area. The losses mostly driven by Bitcoin saw IOTA trim gains towards last week’s major support at $0.22.

However, a low was formed at $0.2330 on Wednesday allowing the bulls to regain control. The rebound from this level initially stepped above $0.24 before extending the price action above the 50 Simple Moving Average 1-hour.

Read alsoCryptocurrency market update: Bitcoin real market dominance is 90% leaving altcoins with a mere 10%

At the time of writing, IOTA market value stands at $0.2428. The buyers intend to push the 1.32% gains higher on Thursday. Glancing ahead, $0.24 is the immediate hurdle. If IOTA manages to clear the resistance at this level, we are likely to witness a surge above the 100 SMA currently at $0.2456 towards the supply zone at $0.2520.

IOTA is following in the footsteps of the defiant Ethereum Classic. ETC continues to shake the ground in the market with gains over 12% on the day. After breaking the barrier at $6.4, the bulls are throwing jabs at $7.0 hurdle. The crypto’s technicals are still positive as discussed in this price analysis.

MIOTA/USD 1-hour chart

 

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