- IOTA token trading below all the significant EMA- 20,50,100 and 200
- The pair of IOTA/BTC is trading at 0.00002869 BTC with a drop of 4.83%
- The 24hr trading volume for IOTA is 65.26.Mn.
In the daily time frame chart, the IOTA token continues its fall and has breached a new support level of $1.07. As the next $0.907 is very close, this area can also be considered a no-trading zone. Investors can wait for either of these levels to break to see direction move respectively,
About the critical EMA’s. The IOTA token is trading below all the vital EMAs 20, 50, 100, and 200, indicating a strong bearish trend. If the price moves lower, investors can also see a bearish crossover of 20 and 200 ema adding more fuel to the whole bearish sentiment. However, for any move to the higher all these EMA’s will act as a valid resistance level.
The RSI( BEARISH) value is at 40, indicating a significant bearish momentum, moving in a beamish slope. RSI will soon enter the overselling zone.
IOTA Token Continues To Follow The 4hr Downtrend
In the 4-hr time frame chart, the IOTA token shows a bearish trendline starting from a vital resistance level around $1.4. This trendline has been respected multiple times and offers excellent reliability. Following the trendline price will continue to move until it is not broken.
The MACD indicator(BEARISH) currently shows bearish sentiment as both the MACD and the signal line are moving below the neutral(0.00) zone. However, investors can also see some multiple crossovers of these above and below the neutral, indicating no bulls or bears are in complete power.
Conclusion: From the technical perspective, the overall trend for the IOTA token remains bearish, but as mentioned above, currently price is inside a no trading zone. Investors should wait patiently and let the price breakout from either of these levels, providing a solid directional move to grab on.
Support– $0.9
Resistance- $ 1.09, $
This news is republished from another source. You can check the original article here.
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