IOTA is bouncing from a key support level today after recording a significant loss during yesterday’s price action.
Data from Messari shows IOTA outperforming the top 10 cryptocurrencies after recording a 5.4% increase in price over the past 24 hours.
If Fibonacci retracement levels are drawn from the December low in IOTA to the January high, we can see that price had recently broken below the 0.618 retracement level.
Since breaking below, the price had mostly consolidated from $0.255 to $0.27 but broke bearish yesterday.
The bearish break found support at the November low around $0.245 and has been recording bullish movements today.
Todays’ outperformance has been taking place on larger volume than yesterdays decline showing more strength from traders in driving the price above support.
Bullish divergence on the 6-hour chart between the price and RSI also preceded this outperformance.
A bullish divergence occurs when price forms lower lows despite the RSI forming a higher low.
This shows price continuing to decrease despite selling pressure falling.
- Price is bouncing today from a support level at the point of November’s low today.
- IOTA is outperforming other top cryptocurrencies with today’s rise.
- Bearish movements took place yesterdays but today’s increase is taking place on greater volume.
- Bullish divergence between price and RSI preceded the outperformance.
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