- On July 16, the downward trend was corrected at the $0.2500 support level.
- On the upside, if the bulls break above the EMAs, the crypto’s price will rise and test the $0.5000 resistance level.
IOTA/USD Medium-term Trend: Ranging
- Resistance Levels: $0.50, $0.55, $0.60
- Support Levels: $0.40, $0.35, $0.30
Last week the price of IOTA was in a range bound move below the 12-day EMA and the 26-day EMA. The bulls had earlier been resisted by the 12-day EMA after a downward correction. In retrospect, the coin had been in a range-bound move since on May 15. The IOTA price had been characterized by small body candlesticks like Doji and Spinning tops.
These candlesticks described the indecision between the buyers and sellers at the current market price. The price will continue to range below the EMAs as long as the small body candlestick dominate the chart. On June 27, the bears broke out of the range-bound move and were on a downward fall. On July 16, the downward trend was corrected at the $0.2500 support level.
On the upside, if the bulls break above the EMAs, the crypto’s price will rise and test the $0.5000 resistance level. On the other hand, if the bulls fail to break above the EMAs, the coin will continue its range bound move below the EMAs. Meanwhile, the IOTA market is at the oversold region of the daily stochastic but above the 20% range. This indicates that price is in a bullish momentum and a buy signal.
IOTA/USD Short-term Trend: Ranging
On the 1-hour chart, the price of IOTA is in a sideways trend zone The 12-day EMA and the 26-day EMA are sloping horizontally. On July 27, the crypto’s price fell to the low of $0.28000 and resumed a range-bound move above it. Nevertheless, the IOTA price is in the oversold region of the daily stochastic but above the 40% range. This indicates that price is in a bullish momentum and a buy signal.
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