IOTA/USD Medium-term Trend: Bearish

  • Resistance levels: $0.36, $0.40, $0.44
  • Support levels: $0.26, 0.22, $0.18

IOTA has been suffering from selling pressure while been overwhelmed by the US dollar price worth in the trade. Initially, it faced range movements within $0.40 and $0.36 marks.

On January 10, the crypto suddenly got a push southwards to break the lower range zone, hence the occurrence of the current bearish trend. As at now, the market has been trading below $0.30 mark around the Bollinger Lower Band. The 50-day SMA indicator is located above the Bollinger Bands. The Stochastic Oscillators have crossed from the oversold zone to point north briefly at range 20.

With the emergence of a bearish candlestick below the Bollinger Middle Band yesterday, it’s a signal that this cryptocurrency may still have to experience more downs in the market for a while.

IOTA/USD Short-term Trend: Ranging

In the short-term, the market has been ranging within $0.30 and $0.28 marks since the trading commences today. Unlike yesterday while the crypto-market firstly saw a long price range move around $0.31 horizontal price level a bit below the 50-day SMA indicator.

But, the crypto dropped while the USD had a stronger driving force to touch $0.29 market point. Today, the market has been hovering around the $0.29 mark within $0.30 and $0.28 well-defined range zones. The Bollinger Bands are located underneath the 50-day SMA. The Stochastic Oscillators have conjoined at around range 60 to signal the possibility of price consolidation continuity in the market.

A breakdown of the lower range could lead to having a new low market point between the $0.28 and $0.25 price points. A reversal against the said range may result in allowing the bull to safely stage a come-back into the market.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

Original Article


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.