*On the upward, it has hit an intraday high of $0.1915 and IOT/USD records a low of $0.1779
*It shifted from a starting price of $0.1832 increasing positive 0.50 percent on the day
*SOCIETY2 unveiled a decentralized social network built on IOTA barely a few days ago
IOT/USD Daily Chart
Meanwhile, bullish confidence in the medium term is unchanged, especially with the RSI currently leading to overbought (70). The upward trendline also raises the pair into the optimistic territory and displays a bullish divergence. In other terms, medium-term bullish momentum will quite probably stay intact this week, while the upside trendline in the aforementioned region will serve as a solid buffer.
IOT/USD 4-Hour Chart
The shrinking of price channels ranging from $0.1921 to $0.1717 suggests declining market volatility which may well inevitably lead to a price breakout in the direction of the prevailing trend. This market channel is inclined to impede the rebound and initiate short-term vertical trading with the initial downside target of $0.1500, but on the contrary, the upside is likely to gain momentum with the next emphasis on $0.2000 as the psychologically key level.
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