- IOTA token price is trading below the long-term supply IOTA of $0.1940, as the token continues the bullish rally.
- The IOTA token price is from a rounding bottom pattern on a daily time frame.
- The pair of IOTA/BTC I trading at the price level of 0.00001087 with an increase of 0.96% in the last 24 hours.
According to price activity, the IOTA token price is currently trading close to the supply IOTA after bouncing off the demand IOTA. On a daily time scale, the price of IOTA tokens has developed a rounding bottom pattern as it creates higher high and higher low formations.
The price of IOTA tokens is currently fluctuating within a narrow range. It will be interesting to observe if the IOTA token price breaks out to the upside or not when it consolidates. The price of IOTA tokens is currently below every significant Moving Average. Trading close to the 50 Moving Average is the token price. The token price attempted to break out of the 50 Moving Average recently but was unsuccessful.
After rebounding from the lower band, the price of the IOTA token has been trading at the upper band of the Bollinger band indicator. The price of the IOTA token has already surpassed the 14 SMA. The token price must surpass the supply IOTA of $0.0290 in order to continue moving higher. Throughout the most recent trading days, volumes have climbed.
IOTA token price has fallen off to its roots, will it bounce back or fall further?
super trend: IOTA token price has fallen off to the long-term demand IOTA of 0.020 during the last 6-month sell-off in the overall cryptocurrency market. The super trend gave a sell signal as it broke down the important supply IOTA of $0.18. Since then the token price has been on a fall. It has failed to recover from the demand zone of IOTA token. Although the token price has started consolidating, it remains to see if the token price bounces off or falls further.
Moving Average Convergence Divergence: MACD indicators have had a positive crossover recently as the token has started consolidating at the demand IOTA. MACD indicators were negative from the last weeks as they gave a negative crossover during the last breakdown of the important supply IOTA at $0.10. As the club starts bouncing off the demand IOTA, the gap between the MACD lines could be seen widening supporting the trend.
Average Directional Movement Index: ADX has been dipping from the last trading hours as the token fell below the important supply IOTA. As of now, the token has started mining up slowly which has resulted in the ADX curve turning upwards.
The ADX curve has dipped out of the 25 mark and now if the token price breaks the bearish flag and pole pattern, the ADX curve can be seen falling supporting the trend.
Conclusion: The IOTA token price has fallen to the long-term demand of IOTA. As the technical parameters suggest, the token price is in a neutral trajectory. It remains to see if the IOTA token price bounces off the demand IOTA or falls below.
Support: $0.17 and $0.15
Resistance: $0.19 and $0.21
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.