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IOTA to Continue Bullish Trend with $1.58 - Technical Analysis

source-logo  cryptoknowmics.com 19 February 2021 12:58, UTC
IOTA is the first cryptocurrency to take advantage of devices connected to the Internet of Things (IoT). It is regarded as an attempt to move cryptocurrency beyond the blockchain. IOTA uses a directed acyclic graph (DAG) called Tangle to solve the scalability problems that plague Bitcoin and to facilitate free micro-transactions between Internet of Things devices.

Past Performance in IOTA

On February 12, 2021, the opening price of IOTA was $1.17. As of February 18, 2021, the closing price of IOTA has been $1.49. The IOTA price has surged by approximately 27% in the past week.

In the last 24 hours, IOTA has traded within the price range of $1.28 – $1.58.

https://www.tradingview.com/x/cl4ZETly

How IOTA Will Trade Tomorrow

Currently, IOTA is trading at $1.50. The opening price was $1.49. The price is rising but at a slow rate.

There has been a sharp rise in the A/D and OBV indicators in the last 24 hours. Thus, whale distribution is high. High buying pressures will lead to a price rise. Thus, the market looks bullish.

The price is above the 20-day SMA line. It is trading closer to the upper Bollinger band. Thus, the demand for IOTA is very high. High buying activity will cause the IOTA price to move upwards.

The RSI indicator is at 65%. A few minutes back, it faced a bearish swing rejection at 70%. Thereafter, it has started falling. It is the apt time for day traders to sell the crypto. We can expect a temporary price pullback.

Similarly, the stochastic oscillator has also just fallen from the ‘overbought’ territory. Frequent bearish and bullish crossovers by the actual value-line over the 3-day SMA line indicate high price volatility. The market is in a correction phase and we can expect intermittent price pullbacks amidst an overall uptrend.

The ADX indicator has fallen steeply. The bullish momentum is weakening. However, it is too early to confirm a trend reversal.

The MACD and signal lines are positive. Since morning, both the lines are moving very close to the zero line. This indicates tensions between the bulls and bears. However, since the lines are above the zero line and a bullish crossover by the MACD line over the signal line has occurred, we can expect a positive price trend.

The AO indicator is positive. But the ‘buy’ signals are very weak since morning. Thus, we can conclude that the market is neutral with no strong signs of a downtrend. The price has been uptick so far, even though it has not been able to rise very quickly.

Currently, the price is above the Fibonacci pivot point of $1.45. If the price is able to break out of the first Fibonacci pivot resistance level of $1.57, by the end of the day, then we can be assured that the bullish trend will continue tomorrow too.

Presently, the price has broken out of the 23.6% FIB retracement level of $1.51. Hence, we can be hopeful that the price uptrend will continue.

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