IOTA Price Analysis: Are Whales Hoarding IOTA Coin?

Source: IOTA/USD on TradingView

The daily technical chart of IOTA coin represents the price action lacks momentum making it stay rangebound. According to Pivot points (FIB), MKR’s crucial support level is $0.66. Conversely, if it moves up, the necessary resistance level to observe is at $0.96. Thus, while the intraday chart forms a Bearish Harami candlestick pattern, predicting prices may soon reverse to the downside with average dependability.

The moving average (MA) composed of 50,100,200-MA can be a reliable support for currency price changes. However, investors can observe that the price consolidates below the orange line, ensuring a sideways trend for now, so until the price stays below the MA-200, A death crossover can be observed in the charts.

Volume of (1.13M) is beneath the MA of 20-days (2.79M). Buying pressure is average in IOTA, making its price remain in a constant zone. Investors may also observe diminishing volume bars in the chart, which indicates a big move is expected in upcoming trading sessions.

The MACD indicator gives (bullish) crossover above the signal line on June 29, indicating a buy signal in the coin. Moreover, Investors can see tiny green bars in the Histogram index.

IOTA Coin May Consolidate Until There Are Some Clear Signs

The IOTA coin price is $0.81, a gain of 3.5%, and stays negative with 2.9% in a week. In addition, due to a lack of momentum, price movements are struggling at a constant price range. However, the MACD indicator showed a buying signal. Therefore, for an up move, traders should increase buying pressure. Technically, the price lacks momentum and resides above the support level. Therefore, as with general market sentiment, the trend remains sideways.

Resistance: $0.96

Support: $0.66

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