IOTA/USD Medium-term Trend: Ranging
- Resistance levels: $0.32, $0.34, $0.36
- Support levels: $0.24, 0.22, $0.2
On February 7, the IOTA/USD market line began to sequentially rise northwards from around $0.24 low price level to average $0.30 mark. The last 4-hour candlestick formed on February 8, now marks a new range spot of this crypto-trade at around $0.28 mark.
The Bollinger Upper and Middle Bands are located around $0.30 and $0.28 price levels as the crypto’s range movements are being witnessed within them. The Bollinger Lower Band has touched the 50-day SMA from below at $0.26 mark. The Stochastic Oscillators are seemingly pointing south-east.
The bulls may still have to find decent support around its $0.28 current range spot to be able to break out the $0.30 resistance level.
IOTA/USD Short-term Trend: Ranging
Yesterday, the market valuation of IOTA/USD experienced a short upsurge against its $0.29 upper range mark. In the short run, the crypto pulled back into ranges $0.29 and $0.28.
Today, the crypto-market begins to feature a short notable bearish candlestick formed between the Bollinger Upper Band and the conjoint of Bollinger Middle Band and the 50-day SMA. Presently, price has continued to range very tightly along with the conjoint indicators around its lower range spot. The Stochastic Oscillators are seemingly consolidating around range 20.
It now probably appears that bulls are trying to find a new trading stance in the IOTA/USD market. That may not now be achieved especially if the consolidation movement keeps on an intense note.
IOTA Price Prediction: Long-term (MIOTA) Value Forecast – April 13
- The bulls remained in control of the long-term outlook.
- The current retracement is showing exhaustion at the 61.8 fib area.
IOT/USD Long-term Trend -Bullish
Supply zone: $0.6000, $0.7000, $0.8000
Demand zone: $0.1000 $0.0800, $0.0600
IOTA long-term outlook still remains in the uptrend. The bears’ pressure was strong during this week session with rejection to upward price movement at $0.3795 in the supply area on 7th April. MIOTAUSD dropped to in the demand area $0.3107 twice and closed above the 50-EMA.
The formation of a hammer on 12th April as the market closes signaled bearish exhaustion and possible bulls returned in the days ahead. Moreover, this area is the 61.8 fib area a trend reversal area.
Price is above the 50-EMA an indication of strong bullish pressure while the stochastic oscillator signal points down at 34%. This implies that in the days ahead a minor drawdown may occur before the uptrend resumption in the long-term and this may happen around the 61.8 fib area.
An initial push into the 38.2 fibs area, a trend continuation zone at $0.3480 in the supply area will confirm the bulls takeover and continuation.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
IOTA Price Prediction: Up 17.6% in Last Week Due to Strong Fundamentals and Updates
Latest IOTA News
Though IOTA had a slow start this year after last year’s dip and 95 percent value erosion, there is no doubting what they are trying to achieve and progress is good thus far. While it took some time for investors to understand its fundamentals, recent developments and partnerships are helping break down the barrier. By indication, IOTA is playing a long term strategy, one based on “the age of machines”.
Read: IOTA’s Tangle-powered Apps Release New Geo-Tagging Area Codes Feature to Localize All Transactions
The age of machines brings much promise for IOTA which is designed to facilitate the Internet of Things (IoT) through IOTA Tangle. The IoT front is one that hasn’t fully captured the masses but one that is rapidly growing. In recent months, the project has been heavily invested in the auto industry, partnering with auto leaders like Volkswagen.
Also Read: Zeux App Enables Use of IOTA For Cryptocurrency Payments at Retail Stores
To increase adoption, IOTA has announced the launch of ICT (IOTA Controller Agent) which will allow IoT devices with limited computational power to connect to part of the IOTA Tangle without having to run the full IOTA node. Lukas Tassanyi from IOTA brought into context a real-life scenario using an example from the auto industry:
IOTA Live Price
1 MIOTA/USD =$0.3664 change ~ 5.03%
IOT/USD Price Analysis
With a market cap of $1,003 million, IOTA is firm and up a massive 17.6 percent in the last week. In that case, it is clear that IOT will conclude the week strongly. And it is not hard to see why bulls are on the forefront. Not only is IOTA benefiting from strong fundamentals but there is the influence of a strong Bitcoin which we have seen from time to time has a positive effect on altcoins, lifting them whenever it rises or triggering a crash whenever there is a meltdown in the world’s most valuable coin.
That’s all due to the positive correlation between BTC and altcoins. The bad thing is the situation will remain as it is until there decoupling as IOTA become base in most exchanges. Apart from this correlation, we also note that IOTA is also technically bullish all thanks to favorable candlestick arrangements. In a bullish breakout pattern of late Dec and the consequent pull back through to early Feb, prices are bouncing off lows and realigning with bulls of Dec 20 and 28.
Since risk-off traders can load up on dips now that IOTA bull bars are banding along the upper BB after successfully recouping losses of Feb 24 complete with high transactional volumes, the first target is 40 cents. However, it is after when there is a strong close above 40 cents printing above Dec and Jan 2019 highs is when risk-averse, conservative traders can ramp up with easy targets at 55 cents.
IOTA Price Prediction For April: Can It Rise By 45% To Hit The Target Of $0.50?
IOTA has been enjoying the recent price bump caused by the Bitcoin rise over the past few days as the cryptocurrency breaks above the $0.30 level to where it currently trades around $0.35. IOTA has now seen a 15% price hike over the past 7 trading days with a further 28% price surge over the past 30 trading days.
The recent price increase has now allowed IOTA to break above the 100 day moving average for the first time since June 2018, an incredibly strong bullish signal.
IOTA is ranked in 15th position as it presently holds a $978 million market cap valuation. The cryptocurrency is closing in on 14th ranked position, Monero, as it continues to close the $130 million gap in market cap value. The 22 month old cryptocurrency project now trades at a value that is 93% lower than the all time high price around $6.40.
In this article we will take a look at the potential for IOTA to rise by 45% in April 2019 and hit the $0.50 level.
Let us take a look at the IOTA/USD market and highlight some areas of resistance for the bulls before being able to reach the $0.5 level.
IOTA Price Analysis
IOTA/USD – SHORT TERM – DAILY CHART
What Has Been Going On?
Analysing the IOTA/USD chart above, we can see that the market had been slowly grinding higher during February and March 2019. However, each time that price action had approached the 100 day moving average the market was turned away and was unable to break above this resistance.
The recent Bitcoin price surge has now allowed IOTA to climb above the 100 day moving average. The market continued to spike higher into resistance at the bearish .618 Fibonacci Retracement level (drawn in red) priced at $0.40. This bearish Fibonacci Retracement level is measured from the November 2018 high to the December 2018 low.
Price action has since dropped slightly but the market is now trading comfortably above the $0.35 level.
What Is The Short Term Trend For IOTA/USD?
The break above the 100 day moving average and the $0.33 level has now caused IOTA to turn bullish in the short term. For this market to be considered bearish we would need to see price action drop below the support at $0.27.
Where Is The Resistance On The Way Up To $0.5?
If the buying continues to drive IOTA/USD higher, we can expect initial resistance above to be located at the bearish .5 and .618 Fibonacci Retracement levels (drawn in red) priced at $0.3656 and $0.4031, respectively.
If the bulls can push IOTA/USD above $0.40, they will be creating a fresh 2019 high. Resistance above $0.40 can then be expected at $0.42 and then at the bearish .786 Fibonacci Retracement level (drawn in red) priced at $0.4565.
Before being able to make an attempt at the $0.50 level the market will first need to tackle resistance at the bearish .886 Fibonacci Retracement level located at $0.4882. If the buyers can clear this resistance they will be free to re-test the $0.50 level.
What Are The Technical Indicators Showing?
The RSI is sitting in comfortable bullish territory, above the 50 level, and is not too overstretched. This indicates that IOTA/USD still has room to travel further higher over the coming days. So long as the RSI can continue to climb higher, we can expect IOTA to break above the $0.40 level and create a fresh 2019 high in the coming days.
The trading volume has also been rising significantly during the start of April 2019. If the volume can remain high we can expect IOTA to continue to break above the $0.40 level and head toward $0.50.
IOTA has enjoyed the recent Bitcoin surge and has allowed it to create positive bullish signals after breaking above resistance at $0.33 and the 100 day moving average. If the IOTA market can clear $0.40 we can expect the bulls to drive price action higher toward the $0.50 level.