IOTA TOKEN PRICE ANALYSIS: IOTA token price is hovering around the supply zone after blocking off the demand zone, will it give a breakout?

• The IOTA token price is trading at the supply zone on a daily time frame. 
•  The IOTA token price is forming a rounding bottom pattern on a daily time frame. 
• The pair of IOTA/USDT is trading at the price level of 0.000014 with an increase of 0.97% in the past 24 hours.

The IOTA token price hovers around the supply zone on a daily time frame as per the price action. The token price bounced off the demand zone after a strong bullish pressure. The token price bounced off with a strong bullish candlestick pattern validating the bullish trend. The token price is forming higher highs and higher lows formation on a daily time frame. The token price is forming a lower low and lower high on a weekly time frame. At present, the token price is forming a bullish chart pattern, showing a g U-shaped recovery. The IOTA token price is currently trading below the 50 and 100 MAs. The recent bearishness forced the price to fall below these important moving averages. Moving upwards the token price can be seen facing strong rejection from these MAs. At present, the IOTA token price is trading at the lower band of the Bollinger band indicator after failing to surpass the upper band. Although volumes have increased, the token price has not managed to break through the important supply zone. Investors should remain cautious and wait for a proper signal on either side and then act accordingly.

The IOTA token price is forming a rounding bottom pattern on a daily time frame

Moving Average Convergence Divergence: MACD indicator has given a negative crossover as the token gave a breakdown of the demand zone on a lower time frame. The blue line crossed the orange line on the downside. This has resulted in the token price moving down strongly in a 4-hour time frame. The fall in the IOTA token price has been strong and therefore the MACD lines were seen widening. As of now, the token price has bounced off the demand zone, and if the same continues then the MACD line can be seen giving a positive crossover. 

Average Directional Movement Index: ADX curve has slipped below the 25 mark as the token price broke the demand zone on a larger time frame. As of now, the ADX curve has turned sideways, as the IOTA token price shows some bullishness. Therefore, the IOTA token price can be seen halting on the lower time frame and changing the price structure. Once the token bounces off the demand zone, the ADX curve can also be seen dipping out of the 25 mark.

CONCLUSION: The IOTA token price is trading at the supply zone, as per the price action. The recent bullishness shown by the IOTA token has bounced off the demand zone, and the technical parameters are still positive. If the IOTA token price is successfully able to move in an uptrend then the technical parameters can be seen staying positive or else it can fall further. Investors should wait for a clear trend and then act accordingly.

SUPPORT: $42 and $44

RESISTANCE: $50 and $52

News Source