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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