IOTA Price Could Enter Another Leg up in the Next 24 Hours

Yesterday, IOTA experienced a surge in price, resulting in a higher low and the formation of a medium-term bullish price channel on the daily chart for IOTAUSDT . Within the last 24 hours, IOTA's price has retraced by over 8%, bringing it back into the previously mentioned bullish channel.

This retracement has brought IOTA's price to a crucial point as it currently rests on the important support level of $0.2390. If IOTA manages to close today's daily candle above this level, it could potentially embark on another upward move toward $0.2750 over the next couple of days. However, if IOTA closes today's candle below $0.2390, it could invalidate this bullish scenario, possibly leading to a decline to around $0.1985, which aligns with the midpoint of the aforementioned price channel.

While the daily Moving Average Convergence Divergence (MACD) indicator signaled a bullish trend with the MACD line well above the MACD Signal line and a positive slope in the MACD Histogram, the Relative Strength Index (RSI) indicator indicated that buyers had exited the altcoin's charts. The RSI line was sloping negatively toward oversold territory and approaching the RSI Simple Moving Average (SMA) line, which is a bearish signal suggesting a potential price correction in the near future. Nevertheless, the momentum indicated by the MACD suggests that there may still be a 24-hour opportunity for bulls to step in and drive the cryptocurrency's price higher.