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- 1 IOTA price prediction suggests a recovery in MIOTA price might continue in September.
- 2 MIOTA price formed a double bottom showing that bulls are returning back.
- 3 IOTA crypto price succeeded in climbing above the 50-day EMA.
IOTA price prediction has turned bullish and suggests recovery might continue in the coming months. It displayed a double bottom pattern which showed the initial signs of bullish trend reversal.
MIOTA price recovered approximately 27% from the recent swing low and managed to climb above the 50-day EMA. It shows that the short-term trend is in the upward direction.
The buying volume in the IOTA crypto is on the rise and prices also follow the same direction. It indicates some genuine buyers might have taken a long position and expected an outperformance.
In the mid of August, the IOTA price took support near $0.1400 and buyers came forward to push the price higher. Later, prices began to recover by forming higher highs and recovering the losses of the previous month.
Presently, the IOTA price is trading at $0.1741 with an intraday rise of 0.75%. The 24-hour volume to market cap is 1.19%.
The pair of IOTA/BTC is trading at 0.00000677 with an intraday rise of 0.74%. Both the pairs are recovering and forming a similar pattern indicating buyers are active.
Will IOTA Price Climb Above the 200-Day EMA?
IOTA price prediction favors the bulls and suggests a rise in the long run. Buyers seem to be more active as compared to sellers. Therefore, the recovery looks reliable, and fresh buying is also visible.
The MIOTA price sustains above $0.1500 any short-term downfall will be easily absorbed.
However, if the sell-off triggers in the overall crypto market and the IOTA price drops below $0.1500. Then, the trend will again turn bearish and decrease the chances of reaching the 200-day EMA.
The technical analysis suggests that at present, bulls are active, and the possibility of the 200-day EMA breakout remains high.
MIOTA Price Formed a Bullish Engulfing Candle
MIOTA price formed a bullish engulfing candle on a weekly time frame. Buyers succeeded in giving the follow-up momentum which boosted the confidence of investors. The overall crypto market is recovering so might positively impact the price of IOTA and other altcoins.
The MACD curve displayed a sharp positive crossover indicating the bullish momentum might continue. The RSI at 66 denotes the strength of bulls and more room for upside is open.
Conclusion
IOTA price prediction is bullish for the long term till it sustains above $0.1400. It displayed a double bottom pattern which further boosted the confidence of investors. The technical analysis suggests that the MIOTA price is reversing upward and the bullish momentum might continue in the coming months.
Technical levels
- Resistance levels: $1.800 and $0.2000
- Support levels: $1.400 and $1.300
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.