The price of IOTA dipped to $1.18 after seller rejection at $1.56
IOTA is trading near $1.43 against the US dollar and is primed to break above resistance as bulls seek to pull further away from recently reached lows of $1.18.
Notably, the IOTA/USD pair has traded higher since recovering from the $1.20 level. If the bullish view holds, IOTA’s price could break above a key resistance line at target highs near $1.60.
On the contrary, flipping lower will jeopardise the uptrend and see buyers rely on the initial support provided by an ascending trend line on the 4-hour chart.
IOTA price outlook
IOTA price dipped to lows of $1.18 after sellers repelled buyers at the recent peak of $1.56. The rejection and subsequent dump to the aforementioned low threatened to send IOTA/US towards $1.00.
A swift recovery, however, saw bulls steady the ship and trade within a wide range of $1.27—$1.43. A spike above the range was checked at $1.49, with the 100-day simple moving average (100 SMA) providing support at $1.34.
The cryptocurrency is currently trading near the upper trend line of a horizontal channel.
Bulls need to break above the horizontal line and seek further support above $1.45 to maintain the advantage. The MACD in a bullish zone and the RSI above the midpoint support this outlook. Further gains could see IOTA/USD trade towards $1.60 and $1.75 in the short term.
On the downside, bears might target a breakdown to the middle line of the horizontal channel ($1.35). From here, the 100 SMA ($1.34) offers robust support.
However, if IOTA/USD dips below this price level, a retest of the channel’s lower line could leave IOTA vulnerable to further declines towards recent lows at $1.18. If bears succeed in tanking prices to this level, a fresh target could be at $1.10.
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