Crypto Technicals: IOT/USD breaks above 55-EMA, scope for further gains

IOT/USD chart - Trading View

Exchange - Bitfinex

Support: 0.7205 (55-EMA); Resistance: 0.2923 (110-EMA)

Technical Analysis: Bias turning slightly bullish

IOT/USD was trading 4.21% higher on the day at 0.2767 at 11:15 GMT.

The pair has broken above 55-EMA and is on track to extend gains.

RSI has turned and has edged above 50 mark. Stochs are also biased higher.

MACD is in positive territory and positive DMI crossover on negative DMI adds to the bullish bias.

Upside in currently capped at cloud top at 0.2777. Break above finds next major resistance at 110-EMA at 0.2924 ahead of 23.6% Fib at 0.2990.

Failure to hold above 55-EMA will see consolidation around 21-EMA.

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