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IOTA is among the crypto assets in green on Tuesday following a rebound in overall cryptocurrency prices. It has incurred almost 7% gains over the prior 24 hours, and the bullish outlook seems intact.
*Renewed rally as price trades mildly higher past $1.60 level
*The token’s price continues to rise as traders extend short-covering
*Users to connect on the Binance Smart Chain using wrapped IOTA
IOTA/USD recent pullback from the yearly high of $1.84 has been countered by a rebound off the ascending trendline, pulled from the $1.28 trough. After IOTA established a foothold off the lows with a renewed rally as price trades broadly higher past the $1.60 level. The token’s price continues to rise as traders extend short-covering, also boosted by growing optimism as PayPal bolsters mainstream adoption supporting cryptocurrency payments. Meanwhile, IOTA continued to trade at $1.54 down from daily highs of $1.60, and registered a 24-hour trading volume of $4.38 billion.
Binance Smart Chain Plugs In Wrapped IOTA To Stake, Yield, and Earn
On the Binance network, holders of the IOTA token will be able to participate in the ongoing DeFi craze. This is possible thanks to a collaboration between the two entities, which enables users to connect on the Binance Smart Chain using wrapped IOTA. With the support of wrapped tokens, the collaboration was made possible. It is the method of allowing an asset to run on another network after it has been removed from one. Users would be able to submit their IOTA tokens to be kept in custody and collect Binance IOTA in a 1:1 ratio in this situation.
IOTA Daily Chart: Bullish
From a technical perspective, the bullish studies on larger timeframes support the notion as last week’s rebound from the ascending trendline formation at $1.28 further underpinned the rally. As expected the recovery retained its bullish impulse and now needs to get a strong follow-through rise past the $1.60 resistance level.
Otherwise, if positive momentum subsides, the sturdy ascending trendline could draw focus once again and towards the $1.40 support zone. However, IOTA extending the upside move even further could then bring into proximity the $1.70 handle. Technically if IOTA’s bullish outlook is to endure, the price would be required to remain above the ascending trendline and the $1.40 trough.
IOTA 4-Hour Chart: Ranging
IOTA has risen past moving average (MA 50) and extended rise to $1.60 level before the expected reversal occurs. The price has come closer to its minor resistance zone from where a mild reverse lower is anticipated. IOTA/USD can consolidate sideways with a bullish bias. The short-term chart shows strong resistances that can cap the upside and keep the sideways bias intact.
On the flip side, the $1.60 is an important resistance. While below these resistances, the bias may alter bearish to see the moving average (MA 50 and MA 200) at $1.48 and $1.34 levels respectively on the downside going forward. Also, the downside extending even up to $1.28 cannot be ruled out in a bear market. Meanwhile, technical indicators however looked bullish at the time of writing.
Resistance Levels: $1.800, $1.704, $1.605
Support Levels: $1.400, $1.289, $1.182
Image Credit: Tradingview
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