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IOTA TOKEN PRICE ANALYSIS: IOTA token price is bearish on the larger time frames, while on the lower time frames it is depicting otherwise, what will happen?

Analytics

www.thecoinrepublic.com 02 September 2022 00:14, UTC
  
Reading time: ~3 m

  • The IOTA token price is trading at the demand zone on a daily time frame.
  • The IOTA token price is forming a head and shoulder pattern on a daily time frame.
  • The pair of IOTA/BTC is trading at the price level of 0.000014 with an increase of 0.41% in the past 24 hours.

The IOTA token price as per the price action is bearish on a daily time frame. The token price seems to have been affected by the overall bearish trend cryptocurrency currency market. Recent bearishness led to token price facing strong rejection at the supply zone and falling back to the demand zone. As of now, the token price has started consolidating near the demand zone. The token price is making lower low and lower high formation on a daily time frame. The IOTA token broke the important short-term supply zone on a lower time frame which resulted in the bearish rally. The token price is currently trading below the 50 and 10p Moving Averages. Recent bearishness led to the breakdown of the 50 and 100 MA. Moving upwards the token price can be seen facing strong reelection of these MAs. At present, the token price is staffing at the lower band of the Bollinger hand indicator, after failing to surpass the upper band. Volumes have increased as the IOTA token price fell into the demand zone.

The IOTA token price is forming a head and shoulder pattern on a daily time frame

Source: IOTA/USDT by tradingview

Relative Strength Index: RSI curve is currently trading at the level of 38.45.RSI curve is yet to cross the halfway mark of 50. Once the token price bounces off the demand zone, the RSI curve can be seen moving upward crossing the halfway mark of 50, supporting the trend of the IOTA token. The RSI curve has also crossed the 14 SMA downward indicating some bearishness before the further upwards movement. If the token falls below the demand zone, the RSI curve can be seen falling further.

Supertrend: The IOTA token price fell as it faces strong rejection from the supply zone. Until now the token price was continuously resting at the super trend buy line but recent bearishness led to a breakdown of the super trend line. As a result, the token price fell and the super trend indicator triggered a sell signal. Moving upward the IOTA token price can be seen facing strong bearish pressure while approaching the supply zone

Average Directional Movement Index: The ADX curve has been falling for the past couple of trading days. The recent fall in the IOTA token price has led to falling in the ADX curve. As of now, the IOTA token price is consolidating near the demand zone, as the ADX curve turns upwards. This could result in a halt in price movement and possible change in it. If the token price bounces off the demand zone, the ADX curve can be seen risking up strongly, supporting the trend.

CONCLUSION: The IOTA token price has fallen back to the demand zone on a daily time frame. As per the price action, the IOTA token price is forming a head and shoulder bearish chart pattern. It remains to see if the token price will bounce off the demand zone or break it and fall. Investors should wait for a clear signal and then act accordingly. 

SUPPORT: $0.23 and $0.25

RESISTANCE: $0.34 and $0.31


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