IOTA price rose nearly 5% on Tuesday, hitting a one-month high of $0.22. The gains for IOTA coincided with a surge in Bitcoin price as the cryptocurrency retested $28000 for the first time in weeks. Ethereum also rose above $1.9k as sentiment on US debt ceiling deal buoyed markets.
IOTA/USD has broken out of a descending triangle that had price restricted below $0.20, however, the token needs to hold above $0.20 to maintain the upside advantage. The technical perspective for IOTA price shows a consecutive four-day bounce on the daily time frame and a positive MACD which indicates momentum remains with the buyers.
The robust horizontal hurdle near $0.23 is also key to bulls’ ambitions – break out here and they could target a 20% ride to $0.28. If the $0.20 support fails to hold, bears could target $0.17.
The overall market sentiment remains positive, with investors eyeing the outcome of the Ripple vs. SEC case.