Technical Analysis for IOTUSD for 26th September 2022
IOTA is Solid, Adds 20% as Prices Recover from $0.24
Past Performance of IOTA
IOTA prices are relatively solid at press time. Although there were hints of weaknesses on September 25, the recovery earlier today has been nothing short of stellar. The bounce means the coin is in a bullish trajectory following the complete reversal of yesterday's losses. As an illustration, it is up roughly 20 percent from last week's lows, anchoring its leg up at around $0.24.
IOTA Technical Analysis
From the daily chart, IOTA is firm and price action is bullish. The immediate support is at $0.24 while resistance is around $0.36, or August 2022 highs. Notably, prices have broken out from a descending channel following today's bullish engulfing bar. Therefore, buyers have the upper hand from an effort versus result perspective. Subsequently, buyers can ramp up on dips targeting $0.36 or August 2022 highs in the short term. This preview will continue to hold as long as prices are trading above $0.24—last week's lows and, for cautious traders, above today's lows at $0.27.
What to Expect from IOTA
Traders are bullish, and buyers have succeeded in soaking in intense selling pressure. Since prices have broken above the descending channel, IOTA is recovering as the coin bottoms up after sharp losses over the last nine months.
Resistance level to watch: $0.36
Support level to watch: $0.24
Disclaimer: Opinions expressed are not investment advice. Do your research.
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