In the cryptocurrency market, IOTA attracts traders' attention after a 7% rise, reaching a price of $0.1488. With a market cap of $523 million, the token nears a crucial resistance level.
Key Resistance Level and Technical Outlook
IOTA is trading in a resistance zone between $0.1470 and $0.1530. Breaking through this range could lead to new highs around $0.19 and $0.26, representing over 72% upside.
IOTA's Breakout Potential
Several factors suggest a potential breakout: - Downtrend reversal after breaking above a long-standing trendline. - RSI at 68.30 indicates strong buying pressure. A move above 70 could confirm bullish momentum.
Possible Risks and Support
Should IOTA fail to break resistance, it might retrace to $0.1061, a strong support. Monitoring price action is essential given the asset's volatility.
IOTA has growth potential if it successfully overcomes resistance. However, traders should remain cautious given the possibility of a pullback.
