IOTA has partially reversed Tuesday gains, trading at $2.31 at the time of writing. The coin is down 3.6% on the day with short-term downside momentum gaining traction after the move below $2.24 handle.
IOTA is now the 9th largest digital coin by market value, which is now $6.25M. IOTA’s trading volume registered $333M during recent 24 hours. This is s solid number, the highest since the beginning of the year, which signals strong interest.
IOTA plans to have a partnership deal with German carmaker Porsche was a big bullish driver for IOTA on Tuesday, but positive effect is fading away as the coin is pressured down by general bearish sentiments on the cryptocurrencies market.
IOTA technical picture
On the intraday level, IOT/USD is supported by 100-SMA (hourly chart) at $2.319. It is followed by $2.25 (200-SMA, hourly) and critical $2.2 handle. Once it is broken, the sell-off may be extended towards $2.1. On the upside, $.2.40 is the key for the short-term recovery. IOT/USD needs to take it out as soon as possible to improve the technical picture. Once we are above the said level, $2.5 and $2.250 will come back into focus.
IOT/USD, the hourly chart
- IOTA continues to develop downside correction with $2.30 under attack.
- The movement qualifies as a correction after strong Tuesday’s rally.