A look at the Weekly chart for IOTA shows that the price is trading slightly above $0.3 facing very close resistance from the 20-period moving average.
It is also trading below the 40-period MA. There had been a minimal movement for the past 10 weeks, but a slight increase was experienced last week.
The RSI is at 40, indicating neither overbought nor oversold conditions but being close to oversold ones.
The MACD has made a bullish cross and is moving upward, but is not positive yet.
There is no visible trading structure. The closest resistance area is found near $1.
A look at the 3-day chart shows that the current bullish candle has moved price past the 20 and 40-period moving averages.
Similarly to the Weekly chart, the RSI is at 50, and the MACD is moving upward with strength but is not positive yet.
Also, we can see that the beginning of the upward move was preceded by bullish divergence in the RSI.
A look at the Daily chart gives us our first trading structure.
The price is moving in a symmetrical triangle and has done so for the past 96 days.
The price seemingly broke out of the triangle on Mar 19 and is facing very close resistance from the 100-period MA. The MACD is positive.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart gives two minor resistance and support areas. The price is very close to the $0.33 minor resistance area.
Furthermore, there is a support area near $0.27
Also, we can see that the price has accelerated its rate of growth for the past ten days.
I believe that the price will continue to increase along the support line and eventually break above $0.33.
- The price is trading below long-term moving averages.
- The price broke out of the symmetrical triangle.
- There is resistance near $0.33.
- There is support near $0.27.
Latest IOTA News:
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