Bulls could push higher if they break above $1.55, with next target near $2.00
IOTA’s price continues to face sell-off pressure as bulls attempt to settle above $1.50. The cryptocurrency currently trades near $1.49, having failed to hold gains above $1.60 and $1.55.
Although bears could still send prices to recent lows of $1.27, a change in sentiment across the broader crypto market is likely to favour the bulls.
In this case, IOTA’s price action in the next few days could include increased buying towards $2.00.
IOTA price outlook
Earlier this week, IOTA prices jumped to $1.84 as the market reacted to the cryptocurrency’s Chrysalis upgrade. The upside momentum, however, faded as bears quickly pushed IOTA/USD lower amid widespread crypto sell-offs triggered by Bitcoin‘s rejection.
The pair then retraced further when BTC price dipped to lows of $50,360 on 25 March, with the IOTA/USD pair tanking to $1.27.
IOTA bulls have since recovered and even retested support at $1.60, touching intraday highs of $1.66. A key bullish trend line has formed on the 1-hour chart, with support near $1.47.
On the upside, IOTA’s price is likely to see fresh gains after breaking above a descending triangle pattern. If the technical picture suggested on the hourly chart holds, bulls can push towards the 100 SMA at $1.51.
The MACD and RSI both suggest an upward continuation for IOTA/USD, with the former poised to increase within the bullish zone. The RSI on its part is slightly curved upwards and is above 60 to suggest bulls are in command.
If buy-side pressure takes prices above horizontal resistance at $1.55, the next target would be $1.80. A retest and successful navigation of this supply zone could see bulls cross the $2.00 mark.
On the downside, bears can push prices to initial support at the $1.42 level. If bulls fail to take control above this zone, a fresh decline towards $1.40 would put IOTA/USD at risk of further losses to $1.30.
The post IOTA price analysis: Could $2 be next in sight for IOTA? appeared first on Coin Journal.