IOTA price rose as high as $0.22 as Bitcoin retested $28k for the first time in weeks.
Ethereum price also rose on Tuesday, breaking above $1.9k as sentiment on US debt ceiling deal buoyed markets.
IOTA price is out of a descending triangle but needs to hold above $0.20 to maintain the upside advantage.
IOTA price rose as high as $0.22 on Tuesday as sentiment flipped positive for the Tangle token.
As of writing, the IOTA/USD pair was trading around $0.21 about 5% up in the past 24 hours and over 20% up in the past month. Indeed, IOTA’s gains over the past day had seen the token tap a one-month high, with the last time it traded above $0.22 being in mid-April.
IOTA gains as Bitcoin tests $28k
The gains for IOTA coincided with an uptick for Bitcoin price, with BTC surging to above $28k for the first time in nearly three weeks. The upside for the bellwether cryptocurrency happened amid a flip in investor sentiment across the broader market as the US struck a deal to raise its debt ceiling and avoid default.
Ethereum notched gains to above $1,900 and XRP broke above $0.50 as the community eyed the outcome of the Ripple vs. SEC case.
IOTA price outlook: What next for IOTA/USD?
The technical perspective for IOTA price shows a consecutive four-day bounce on the daily time frame. IOTA/USD has broken out of a descending triangle that had price restricted below $0.20.
But as can be seen on the chart below, the RSI has pierced the overbought line and indicates the potential for a retest of the trendline.
IOTA price daily chart. Source: TradingView
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.
While the MACD is positive and indicates momentum remains with the buyers, failure to turn $0.20 into support could welcome bears to target $0.17.
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