IOTA rallied for a 2nd consecutive day this week, rising by 13.74% on Tuesday, off the back of a 15.35% bounce on Monday, to end the day at $0.2955.
The bullish start to the week came off the back of a positive weekend that has seen IOTA in the green for 4 consecutive days going into this morning, with IOTA up 31.1% for the current week, reversing the last week’s 5.82% loss with interest.
Through the early part of this week, supported by a broad-based cryptomarket rally, IOTA rallied from an early Monday morning low $0.2246 to a Tuesday high $0.2970.
The moves through the early part of the week saw IOTA break through the week’s major resistance levels to hold at the third major resistance level at $0.2952 by the day end on Tuesday.
In spite of the more than 30% gains Monday through Tuesday, the extended bearish trend, formed at early May’s swing hi $2.6977, remained intact following 7th December’s new swing lo $0.2051, with IOTA continuing to fall well short of the 23.6% FIB of $0.7934.
At the time of writing, IOTA was down 0.61% to $0.2937, with moves through the early hours of Wednesday seeing IOTA buck the trend from across the broader market to move into the red.
For the remainder of the week, a move back through the third major resistance level at $0.2952 would support a run back through to $0.30 levels last touched in the week of 26th November, though IOTA would need support from the broader market to hold onto $0.29 levels through the middle part of the week to break out from the third major resistance level at $0.2952.
Failure to move back through $0.295 levels could see IOTA cough up some of the week’s gains, with a pullback through the second major resistance level at $0.2601 likely to bring $0.24 levels into play before any recovery, the week’s major support level at $0.21 unlikely to be in play barring particularly negative news hitting the news wires.
For the crypto bulls, a pullback through the first major resistance level at $0.2426 would likely sound the alarm bells, with a slide to $0.22 levels later in the weekly signalling a likely full reversal and a likely loss for the week.