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 Is Fast, But Can It Win The Race? [Video]
Sure enough, IOTA’s price also seems to be struggling and December and January rallies weren’t able to bring it to the key resistance level and 23% Fibonacci of 0.00011. Even worse, two weeks ago the IOTA/BTC pair broke below the daily Ichimoku cloud. We’re now waiting for the 5th Ichimoku moving average, the Chiko span to break below the cloud as well to confirm a longer-term bearish period. For now, The pair could be headed towards the lows of 2018 and October 2017, at 0.00006.
IOTA (MIOTA) Long-term Price forecast- February 10
IOT/USD Long-term Trend -Bullish
Supply zone: $0.6000, $0.7000, $0.8000
Demand zone: $0.1000 $0.0800, $0.0600
IOTA is in a bullish trend in the long-term outlook. After a drop to $0.2383 in the demand area the bears lost momentum and failed to continue the downward movement on 6th February.
This sets the bulls up for the journey to the north with the formation of a bullish railroad at $0.2445 on 7th February.
MIOTAUSD rose to $0.26260 in the supply area. Increased momentum led to the break of the 10-EMA as cryptocurrency rose to $0.2941 on 8th February with the week ending as a bearish spinning top.
Minor draw down may occur in the days ahead but this should be seen as a correction to the strong bullish move before the resumption of upward movement.
Price is above the 10-EMA and the stochastic oscillator signal points up at 72%. This suggests an upward momentum in price in the long-term. A retest and breakout at $0.3000 is imminent as the bullish pressure becomes stronger and more candles opened and formed above the EMA.
Source: Bitcoin Exchange Guide
Cryptocurrency market update: IOTA’s ballistic bounce leads market recovery
- IOTA price rises from the ashes to add an incredible 6% on the day.
- MIOTA/USD poised for more growth as the bulls return to revenge.
Investors hold are holding their breath as prices on the market start to trend upwards. The recovery comes after the market plunged yesterday dumping at least $2 billion. The entire market was bleeding except for Binance Coin (BNB) which spiked more than 16% in addition to claiming a spot among the top ten cryptocurrencies.
IOTA price technical picture
IOTA is among the biggest single digit gainers on Thursday. After falling into the ashes yesterday, the bulls are back to revenge. IOTA is up over 6% on the day and trading at $0.2617. The crypto has been trending lower since the first week of January 2019 where it traded highs of $0.4083. The declines in the last several weeks have not been able to find strong support. However, the drop yesterday hit rock bottom at $0.24.
The bulls have rushed in to prevent further breakdown and IOTA is testing the resistance at $0.2650. Both the hourly 50-day Simple Moving Average (SMA) and the 100-day SMA are offering support at $0.2500 and $0.2536.
IOTA is poised for more correction north as observed by the Relative Strength Index (RSI) which is almost entering the oversold region after descending into the oversold yesterday. The Moving Average Convergence Divergence (MACD) has crossed into the positive territory to show that this bullish momentum is here to stay, at least in the short-term.
MIOTA/USD 1-hour chart