A look at the Weekly chart for IOTA shows that the price is trading near $0.3, facing very close resistance from the 21-period moving average.
It is also trading below the 50-period MA and the Ichimoku Cloud. There has been a minimal movement for the past 10 weeks.
The RSI is at 39, 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.
A look at the 3-day chart shows that the current bullish candle has moved price past the 21-period moving average and very close to the 50-period MA and the Ichimoku cloud.
Similarly to the Weekly chart, the RSI is at 48, and the MACD is moving upward with strength but is not positive yet.
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 91 days. The triangle is projected to end in late March.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart gives us four minor resistance and support areas. The price is very close to the $0.3 minor resistance area and below the $0.33 one.
Furthermore, there are support areas near $0.27 and $0.24.
The price is currently at the resistance line provided by the triangle.
I believe that the price will move inside the confines of the symmetrical triangle before eventually breaking out.
- The price is trading below long-term moving averages.
- The price is moving inside a symmetrical triangle.
- There are resistance areas near $0.33 and $0.3.
- There are support areas near and $0.27 and $0.24.
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