IOTA (IOT) – Requires Close Attention And Eyes

After bottoming-out earlier last month, IOTA (IOT) has since recovered and now finds itself perched above all of its moving averages (20/50 & 200 DMA’s) where it presently sits in a positive technical position.

In addition, the 20-Day moving average, which has acted as a guide for the past two weeks, is now rapidly approaching its 200DMA as can be witnessed in the daily chart below.

As we can witness from the daily chart above, IOT also appears to be forming the right shoulder of a potential inverted Head-and-Shoulders (H&S) pattern, which would be a Bullish/Favorable development should the pattern complete successfully.

Although IOT is contending with a bit of congestion i.e. potential short-term resistance from the February/March period, both investors/traders may want to pay close attention to the action in IOT for a potential break into higher ground.

More specifically, if at any point in the days ahead IOT can go top-side of the $2.24 figure and ‘stick’, the potential for a move up and into the $2.65 level becomes a viable possibility and if things really heat-up, the next level hanging out there is located at $3.20, while the $1.85 level (20- DMA) acting as both your guide as well as potential short-term support.

Thus, both investors and traders may want to put IOT front-and-center on their radars, monitoring the action with a close eye anticipating a potential break for northern ground in the days ahead.

Happy Trading!

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Joe Plocki via Flickr

Chart courtesy of tradingview.com