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IOTA continues to trade towards its $ 1.70 resistance

IOTA, like other cryptos, fell immensely in late August after generating a productive 680% return for its investors from January to April 2021. As of August 2021, the coin has started rising and going up, forming a resistance level at $ 2.11. The coin is currently followed by the upward trend line, which extends from July 20, 2021, and although the price has been tested on the trend line several times, it has not come down.

In the past few days, the IOTA price has moved sideways with a distant price movement as neither the bulls nor the bears have been able to move the price in any particular direction. In a week, the coin has returned 33%, and in the November 24th intraday session, the coin delivered 15% to its bulls.

Looking at the technique on the daily chart, the MACD indicator is giving a bullish signal as the MACD line is above the signal line and the histogram chart has started to show green candles. There is immense volume to suggest that the bulls are making an upward move. The RSI is at 73 in its overbought zone. IOTA’s price has been tested on the uptrend line several times, but it was rejected and failed to break the trendline and support line, suggesting that the coin has no intention of going down.

On the weekly time frame, the coin is firmly following the uptrend line and the price has been declined with swing lows multiple times and has not been able to let up. A bullish engulfing pattern is forming at the edge of the trendline, although the technical indicators are not yet required to give a bullish signal.

From a technical point of view, IOTA shows rejection on the downside. A price increase is to be expected in the coming days. When the price crosses the downtrend line on the daily chart, it can hit its high of $ 2.11.

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