IOTA price remains in a major uptrend and it recently traded above $1.50 against the US Dollar. IOTA/USD might continue to move higher toward $2.00.
Key Talking Points
IOTA price made a solid upside move recently and traded to a new all-time high at $1.54 (data feed by Bitfinex) against the US Dollar.
There ae two bullish trend lines forming with supports at $1.25 and $1.00 on the 2-hours chart of IOTA/USD.
The pair is likely to continue moving higher toward $2.00 in the near term.
IOTA Price Chart Analysis
The past few days were excelled for IOTA price as it moved above the $1.00 handle against the US Dollar. The IOTA/USD pair made solid ground and traded to a new all-time high at $1.54.
The pair is currently placed well in the bullish zone above $1.25-1.30 and there are hardly any bearish signs. It is currently consolidating gains below the $1.50 level. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $1.02 low to $1.54 high.
Furthermore, there are two bullish trend lines forming with supports at $1.25 and $1.00 on the 2-hours chart of IOTA/USD. The first trend line also coincides with the 50% Fib retracement level of the last wave from the $1.02 low to $1.54 high.
Therefore, the $1.25-1.30 support region is very important for the current trend. As long as the price is above $1.25, it remains in an uptrend.
Should there be a break above the $1.54, the price could accelerate towards the $2.00 handle. The mentioned $2.00 might act as a major barrier for buyers if the price continues to move higher.
The overall trend remains very positive above the $1.25 support. The 2-hours RSI for IOTA/USD is currently correcting lower, but signaling continuing gains. On the downside, supports to watch out are $1.42, $1.34 and $1.28 followed by the all-important $1.25 area.