- IOTA coin price, although bounced well in intraday, the undertone remains bearish, as the Bulls fails to pull the coin above Vital support line of 200-DMA
- The coin is presently trading below the all-important moving averages of 20, 50, 100, and 200-Day with no sign of strong recovery.
- The pair of IOTA/BTC is trading on a positive note with an intraday drop of -2.60% at 0.00002754 BTC; whereas, the ratio of IOTA/ETH is at 0.0004414 ETH up by +2.34%.
The IOTA coin over the monthly chart is trading under the bearish zone and fails to hold its vital support of 200-Day moving averages. Meanwhile, the coin has been trading sideways for the past few weeks and is now gaining momentum. Moreover, the current bullish momentum is not effective if the coin fails to hold or suppress the vital moving average of 20 and 200-DMA.
The closing of day candles above the 200 and 20- DMA with good volume will boost Bulls’ confidence in upcoming trading sessions. The volume also needs to improve as it falls below the average line. Support on the lower side is at $0.97 and $0.67; meanwhile, the resistance on the higher side is at $1.24 and $1.42.
The IOTA coin over the weekly chart is showcasing the bullish momentum. However, the volume is still missing momentum. Meanwhile, the technical parameters are also favoring the Bulls for another lap of positive momentum. One has to closely watch the closing and sustainability of the token above 20 and 200-DMA will pump the bulls to get aggressive. Presently the coin is trading at $1.11 with intraday gains of +5.65% and the ratio of Volume/ Market cap of 0.01719.
Relative Strength Index (BULLISH): IOTA coin RSI is presently projecting bullish momentum, gradually heading towards the overbought region over the weekly chart. At the same time, trading at 59 levels.
Moving Average Convergence Divergence (BULLISH): Currently projecting a positive trend over the weekly chart. The MACD shows the buyer’s signal line (green) is overpowering the seller’s line (red).
Support levels: $0.97 and $0.67
Resistance levels: $1.24 and $1.42.