Crypto Technicals: IOTA trades above 200-DMA for the first time since May 2018, gains till 0.51 likely

IOT/USD chart - Trading View

Exchange - Bitfinex

Support: 0.3213 (200-DMA); Resistance: 0.4081 (Jan 2nd high)

Technical Analysis: Bias Bullish

IOTA is holding gains of over 5% for the day, trading at 0.3959 at 0645 GMT

IOT/USD price action has shown a decisive break above 200-DMA, scope for further upside

The pair is trading above 200-DMA for the 1st time since May 2018, Technical studies are bullish

Stochs and RSI are sharply higher. MACD and DMI support upside, volatility is rising

GMMA however, has not shown a shift in the trend, possibility of retrace lurks

We see immediate resistance at 0.4081, break above could see gains till 0.51 mark

Retrace below 200-DMA could negate the bullish bias. Test of 0.24 (trendline support) likely

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