22 December 2017, 12:29
Dragan Drenjanin
IOT/USD Pulled Back
IOTA is one of the major gainers in the soaring crypto market. In December alone, the coin jumped 251 percent and broke all its previous records. The current market cap of the coin has also reached more than $12.4 billion as it becomes the 6th largest cryptocurrency in the market.

Key Highlights:
  • After soaring above $5 mark, IOT/USD pulled back and currently looking for any support available around $3.7
  • IOT/BTC gained 76 percent over the week and currently trading around 0.00030 BTC

IOT/USD started the week by trading sideways. The token faced a strong resistance at $3.9, but support was also present at $3.4. In the midweek the pair breached the resistance to face another resistance at $4.26.

After a dip to $3.7, the token took a massive upward leap and reached $5.54. After a classic pullback from the peak, the pair soon found support around $4.7. With this support, the coin also tested the resistance level, but could not breach it.

In the daily chart, the coin is in a freefall. It went down from $5.06 and now struggling to find any support around $3.7.

Because of the recent dip in the prices, the technical indicators are also going down. Stoch is in a freefall and running way below the overselling zone. RSI is at 11 percent indicating the exhausting among the sellers. But 100 SMA is still above the 200 SMA.

Against Bitcoin, IOTA performed very well over the week. The pair jumped from 0.00017 BTC to 0.00030 BTC, thus gaining over 76 percent over the week. This gain was mostly fueled by the downturn of Bitcoin against USD.

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