IOTA is up by over 16% over the past 24 hours, erasing the losses it endured over the past week in the process

The general cryptocurrency market sustained massive losses over the weekend and at the beginning of the week. However, the market today has bounced back and over the past 24 hours, the MIOTA/USD pair is up by nearly 17% as it looks to reach its three-day monthly high again. The rally was fueled by the broader market, with Bitcoin, Binance Coin and Ethereum all trading in the green.

MIOTA price outlook

The MIOTA/USD 4-hour chart shows the cryptocurrency trading at $2.2063, which is above its 100-day simple moving average of $2.026.

MIOTA was able to maintain its strong support at $1.828 yesterday, allowing it to rally and set new support points at $1.99 and $2.12, respectively. If the trend continues, MIOTA will be looking to break past the next resistance at $2.30, which could set it up to rally towards its weekly high of $2.6773.

MIOTA/USD 4-hour chart. Source: Coinalyze

The MACD line is currently in the bullish zone, while an RSI above 50% indicates that the cryptocurrency could extend its rally over the coming hours. MIOTA will need help from the broader market if it is to regain last week’s high.

However, if the market reverses and the bears regain control, then the MIOTA/USD pair could slip towards the $1.99 region. The bulls would then be forced to defend the $1.80 support point for the second time in a week.

This post was originally published on Coinlist.