A look at the Weekly chart for IOTA shows that the price is trading slightly above $0.3 facing close resistance from the 50-period moving average.
It is trading near the opening prices of Oct 2017. There has been minimal price movement for the past 11 weeks.
The RSI is at 41, indicating neither overbought nor oversold conditions but being close to oversold ones.
The MACD has made a bullish cross and is moving upward, but is not positive yet.
There is no visible trading structure. The closest resistance area is found near $1.
A look at the 3-day chart shows that the price is facing very close resistance from the 50-period MA, while also being below the 100-period one.
Similarly to the Weekly chart, the RSI is at 50, and the MACD is moving upward with strength but is not positive yet.
Also, we can see that the beginning of the upward move was preceded by bullish divergence in the RSI and the MACD.
A look at the Daily chart gives us our first trading structure.
The price had been moving in a symmetrical triangle for the past 97 days.
The price seemingly broke out of the triangle on Mar 19 and is facing very close resistance from the 100-period MA.
The price is above the 50-period MA and below the 200-period one.
The breakout was done in significant volume.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart gives two minor resistance and support areas.
The price is very close to the $0.33 minor resistance area.
Furthermore, there is a support area near $0.27.
Also, we can see that the price is following a steeper support line for the past 50 days.
I believe that the price will continue to increase along the support line and eventually break above $0.33.
- The price is trading below long-term moving averages.
- The price broke out of the symmetrical triangle.
- There is resistance near $0.33.
- There is support near $0.27.
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IOTA Price Prediction: Are Further Increases to Be Expected for IOTA? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.