IOTA Price Analysis: IOTA retests 20 EMA, bulls expect a round of $1.0 mark before any major downtrend
- The Iotex coin entered the red cloud of the Ichimoku indicator during a bounce-back in the context of the daily price chart.
- Once again, IOTA Coin’s market cap remains below $1 billion despite a 6.5% increase over the past 24 hours.
- IOTA Coin with bitcoin 0.000001183 satoshis, up 5.23%.
The IOTEX coin consolidates below the $0.40 mark, which is still a short-term hedge zone for the bulls. On the other hand, the bulls are barely managing to protect themselves from further bloodshed below the 52-week low of $0.23 mark.
In the context of lower time frames such as daily and down, IOTA coin price action shows high-low formation for over four days. Today the bulls broke last week’s high, where the bulls could turn aggressive for a more bullish rally.
At the time of writing, the IOTA coin is trading in the green zone at the $0.359 mark. However, bears are again attempting to manage the altcoin price below the resistance.
Once again, IOTA Coin’s market cap remains below $1 billion despite a 6.5% increase over the past 24 hours. Furthermore, IOTA coin with bitcoin 0.000001183 satoshis, up 5.23%.
Trading volume looks weak despite the bullish momentum as the daily volume bar remains below the moving average (blue). Furthermore, the volume was down by 25% last night. But the Iotex coin enters the red cloud of the Ichimoku indicator during a bounce in the context of the daily price chart, where the maximum period of the A (at the $0.38 mark) may act as a support level.
20 EMA remains to be breached
In the context of the daily price scale, the 20-day exponential moving average was a horizontal resistance. Similarly, the RSI remains near the semi-line (50 points) as the RSI is forming a high-low after retreating from the peak oversold zone.
Near the 20 EMA, MIOTA (IOTA) investors can make money during the bullish momentum if the bulls manage to break above this level for cost.
Support level- $0.235 and $0.20
Resistance level $0.6 and $1.0
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.