IOTA TOKEN Price Analysis: IOTA token price is trading above the demand zone forming a reversal chart pattern, will it give a positive breakout?
- The IOTA token price is hovering around the demand zone on a daily time frame.
- The IOTA token price is forming a falling edge pattern on a daily time frame.
- The pair of IOTA/BTC is trading at the price level of 0.00001331 with an increase of 0.98% in the past 24 hours.
According to the price action, the IOTA token price is trading near the critical demand level. The token price is currently consolidating. ConIOTAidation near a supply zone in a recusal pattern indicates bullishness. With a strong bullish candlestick pattern on the daily time frame, the token price can break through the important supply zone of $0.32. Following a retest of the demand zone, the IOTA token price accelerated to the supply zone. The IOTA token price is currently trading below the yellow 50 Moving Average and 14 Simple Moving Average lines. The token price broke down the demand zone during the previous sell-off which resulted in the breakdown of the important MAs. Although the IOTA token price has yet to break through the 100 Moving Average,
It may also face rejection while moving up. After bouncing off the lower band, the IOTA token price is currently trading at the upper band of the Bollinger band indicator. At the moment, the Bollinger band range has expanded, indicating a sideways trend in the coming days. Volumes have increased since the token became volatile.
The IOTA token price is forming a falling wedge pattern on a daily time frame
super trend: The IOTA token price is trading at the supply zone, after bouncing off the demand zone. Recent bullishness has resulted in the token price breaking the super trend sell line which was acting as a strong supply zone. The recent breakout has resulted in the formation of a super-trend buy line. Moving upwards the token price can be seen resting at the super trend by line.
Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the token price rose to the supply zone. The blue line crossed the orange line on the upside. This has resulted in the token price moving up strongly in a 4-hour time frame. Recently the IOTA token price fell after the breakout of long-term resistance. As of now, the token price has started moving up again after bouncing off the demand zone and as a result, the gap between the blue and orange lines can be seen widening supporting the trend.
Average Directional Movement Index: ADX has been continuously falling as the token price broke an important demand zone on a weekly time frame. As of now, the token price is trading above this important demand zone after showing u shaped recovery. The demand zone is now acting strong as the token price shows bullishness. At present, the token price is trading in a strong momentum, and if the same continues the token price can be seen moving higher in the upcoming days. ADX curve has turned sideways indicating a halt in the price stricture and possible change in the movement of the token price.
CONCLUSIONS: IOTA token price is in an uptrend on a lower time frame. While on a larger time frame the token is consolidating in a small range. The technical parameters are also seen supporting the trend as they turn bullish. Investors should wait for a confirmation of the recent gains in the past 72 hours and then act accordingly.
SUPPORT: $0.23 and $0.25
RESISTANCE: $0.32 and $0.35
Comments are closed.