- IOTA brief surge adds 2% to its value but the upside is limited at the 23.6% Fib level.
- MIOTA/USD is trading at $0.3096 amid a building bearish momentum.
MIOTA/USD continued to form lower lows and lower highs since the drop on April 11. The falling channel has been limiting upside movement since. Besides, the support at $0.30 is in danger.
There was a bullish correction during the Asian and European sessions on Tuesday. The gains recorded stepped above the 50 simple moving average (SMA) 1-hour but the trend reversed on brushing shoulders with the 23.6% Fibonacci retracement level taken between the last swing high of $0.3700 and a previous swing low of $0.2961. At press time, MIOTA/USD is trading at $0.3096 amid a building bearish momentum.
The relative strength index (RSI) in the 1-hour timeframe has changed direction downwards from intraday high at 62.50. The indicator is holding on to 50.00 but likely to slide further down. Both the 50 SMA and the 100 SMA will limit movement to the upside. To revamp the trend to the upside, IOTA must clear the channel resistance and focus on $0.33 supply zone. Higher support will give the bulls time to gather strength to attack highs around $0.3700.resistance
MIOAT/USD 1-hour chart