- The long-term outlook is in consolidation.
- Patience must be exercise trading the consolidation.
IOTA/USD Long-term Trend -Ranging
Supply zone: $0.6000, $0.7000, $0.8000
Demand zone: $0.1000 $0.0800, $0.0600
IOTA long-term outlook continues in a range-bound market. The breakout at the upper price range on 26th June pushed price up to $0.5407 in the supply area. The closed of price within range on the same day due to exhaustion implies the bears’ takeover.
The increased in bears momentum thus pushed the coin down to $0.3422 in the demand area but closed within the range on the 27th June as the coin rages.
The stochastic oscillator signal at 36% is undefined a reflection of the ranging scenario in the long-term.
$0.5000 is the upper supply area of the range while $0.3500 is the lower demand area of the range. Traders should be patient and wait for price breakout or breakdown with a retest before taking a position.
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