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- IOTA crypto price breakout previous week high at $0.1770 and might approach 50 day EMA in coming days.
- IOTA price showing signs of short term trend reversal but confirmation is still awaited
IOTA crypto price is trading with mild bullish cues and likely to approach 50 day EMA in coming days but it will be difficult for buyers to breakout resistance level at $0.2000 due to bear dominance on higher levels. Currently, IOTA/USDT is trading at $0.1819 with the intraday gains of 0.33% and 24 hour volume to market cap ratio stood at 0.0145
Will IOTA bulls be able to defend lows ?
On a daily time frame, IOTA prices are in downtrend and bears are continuously dragging the prices down while forming lower low swings. In the mid of November prices were trading sideways in the range between $0.2000 to $0.2208 with a bearish bias but unfortunately prices slipped below the lower range and hit a fresh low at $0.1559 indicating bears dominance on IOTA prices. Recently, After a little bit of consolidation on lower levels buyers showed some positive upside momentum and recovered almost 14% in a short span of time.
The 200 day EMA (green) sloping down indicates a trend to remain weak on a positional basis and the 50 day EMA (yellow) at $0.1951 will act as an immediate hurdle for bulls followed by next at $0.2208. On the lower side, $0.1599 will act as a savior for bullish investors. The MACD has generated positive crossover indicating prices might continue the bullish momentum and the RSI at 50 (neutral level) denotes a balance between bullish and bearish positions.
Relief rally possible ?
On a lower time frame, IOTA prices seem to be exploding upside with the strong bullish momentum while forming higher high candles. From the past couple of days prices were stuck in the tight range between $0.1599 to $1.1750 and surprisingly bulls succeeded to break out of the higher range which triggered a mild positive sentiment for IOTA investors and prices continued the upside movement. The supertrend indicator had generated a buy signal also denotes a short term trend may remain in the bear grip, However if prices slipped below $1.599 bears may drag the prices further down towards new lows.
Summary
IOTA crypto price is showing signs of upside trend reversal while forming a higher high candle from its important support zones but the confirmation is still awaited. As per technical analysis, prices may trade with a positive bias and might approach 50 day EMA in coming days. So, aggressive traders might look for buy opportunities at current levels by keeping $1.600 as SL but genuine investors must buy only if prices sustain above $0.2208 for the target of $0.3000 levels.
Technical levels
Resistance levels : $0.2208 and $0.2794
Support levels : $0.1599 and $0.1400
Disclaimer
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.