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IOTA Price Analysis : Will support helps the coin in reversal 

81EiApr5
  • The coin trading at $0.6933 around 5.44% up from the previous level 
  • The coin is in consolidation with consolidated volume 
  • The coin is trading at 0.00002197 BTC around 2.2% up and 0.0003695 ETH around 2.80% up with respect to bitcoin and ethereum
Tradingview

The coin was founded in 2018 by Sergey Ivancheglo, Serguei Popov, David Sønstebø and Dominik Schiener. The main motive of the coin is to record and execute transactions between machines and devices on the Internet. The coin has the market capitalization of $1,935,286,151 and the circulating supply of 2.78B MIOTA. The coin is trading in a consolidated volume and the volume for the last 24hrs is $36,585,080.

CHART ANALYSIS

On the charts we find out that the coin is trading in a downtrend. The coin is trading near the support level and trying to form a bullish engulfing pattern. On a larger time frame we can see that the coin had made the cup pattern and fell from the resistance to form the handle. In the shorter time frame the coin is trading in a rectangle pattern and reversing from the base of the rectangle.

INDICATOR ANALYSIS

Tradingview

According to the indicator analysis we find out that the coin is trading belows it’s all EMA. 200 EMA had already crossed the 50 EMA. 200 EMA is trading very near to 100 EMA if both cross each other then we can see slight fall in the coin

RSI is trying to reverse from it’s oversold zone as the price is trying to reverse. Rsi is trading at 38.06 with no sign of any divergence in the coin.

In MACD we can see that the SIGNAL line had crossed the MACD line and increasing bearish histogram shows increasing bearish momentum on the coin.

Major support and resistance zone of the coin are at

S1= $0.62 AND S2= $0.39

R1=$ 0.90 AND R2= $1.18