The price of IOTA(IOT) formed lower highs finding support at $0.4800. This led to the creation of a descending triangle pattern visible on the hourly chart. The price of IOT later fell below the support and started approaching the triangle resistance which is around $0.5100. From the price chart, the 100 simple moving average is longer than the 200 simple moving average indicating that upside holds the path of least resistance. This also means that the price rally is most likely going to reverse soon. There is a gap between the two indicators and this gap is narrowing. This means that the bullish momentum is weakening and a bearish crossover is on the horizon.
IOTA(IOT) Against The USD
If the bearish crossover materializes, the price of IOTA will most likely fall to the bottom of the triangle and possibly break lower. This, in turn, will ignite a fall that may be the same height with the triangle pattern around $0.4800 and $0.5700. The 100 simple moving average has held a dynamic resistance as well.
IOTA (IOT) Price Today – IOT / USD
The relative strength index of IOT is moving towards the bearish territory into the overbought region. This suggests that the sellers will soon come back to the market and bring the price lower. The stochastic oscillator is facing down indicating that the sellers are returning to the market soon.
IOTA Works On New Projects
The development of IOTA Hub was confirmed earlier this month. The IOTA Hub is an open source standardized platform that will provide a solution to many of the issues related to IOTA services. Some of its functions include confirmation monitoring, seed management, double signing, bundle reattachment, etc.
Also, IOTA was recently added to eToro’s list of tradable coins. Users can buy and and sell the native IOTA token on eToro. These kind of developments have influenced the price movement of IOTA and increased its adoption.