IOTA
IOTA Price Analysis: IOTA Weekly Chart Shows Positivity, is Bearish Trend Over?
- IOTA coin is going to start a bullish rally as the weekly candle is up 14.5% this week.
- On the weekly chart, IOTA coin is attempting to move above the mid-band Bollinger Bands indicator.
- Traders saw a 39% drop in trading volume over the previous night.
IOTA coin against USDT pair is trading at $0.3108 mark as of writing. In the intraday trading session, the bulls experience exhaustion, thus the price movements are neutral at times. Bitcoin is trading below $20K today but IOTA coin with bitcoin pair 3.67% at 0.0000165 Satoshis is in Green Zone.
IOTA on Weekly Price Chart
The IOTA token is approaching a critical support level. IOTA’s price has been rising over last night, but analysts have seen another decline after a hard fight. From mid-July to mid-August, the IOTA currency climbed dramatically, with bulls earning more than 45%. The bulls have just recently begun to take profits, allowing the bears to drive the IOTA price down to the 2022 lows.
According to the weekly chart, the bears appear to have begun short covering at the $0.25 support level. As a result, the price of IOTA has increased by 12% this week. In the meanwhile, the IOTA coin is aiming to break through the mid-band Bollinger Bands indicator. In the sell-off zone, instead of the 20-DMA, the bears bear a bearish trend line (white), which is at an all-time high.
In terms of the daily price chart, IOTA coin is trading above the 20 and 50 day exponential moving averages. The 100-EMA is acting as a long sell zone and buyers are trying to push the asset price above this level. Moreover, the daily RSI indicator is showing a positive trend and is rising near the 58 level.
conclusion
IOTA Coin is retesting the 100-day exponential moving average on the daily price chart. Meanwhile, IOTA investors need to break this resistance level as soon as possible to protect themselves from another drop.
Support levels- $0.25 and $0.20
Resistance levels- $0.36 and $0.40
