- The trading volume of miota in the last 24hr at the time of writing this is +42%
- The price of IOTA/BTC and IOTA/ETH at the time of writing this article is 0.00002751BTC and 0.0003889ETH respectively
- The price is near the support and if it bounces up then there can be a descending triangle pattern.
LONG TERM VIEW:-
In the daily chart time interval we can see that price is near the support and the bulls are not willing to give up the fight. Let’s have a look at the technical indicator we can see that MCAD is showing red histograms, meaning the MACD line is below the Signal line and there is no sign of the lines to change its direction. In addition to that we can see the RSI is in the neutral zone near 43 and it is pointing towards the overbought zone (70). In the last we can see the Moving average as the 20MA and 50MA is above the 100MA and the price has broken the 50MA on the other hand the price is taking support on the 100MA.
SHORT TERM VIEW:-
In the 4hr time interval we can see that the MACD is starting to show a green histogram as the MACD line is crossing the signal line. Moreover we can see that RSI is in the neutral zone near the 41 and it is pointing towards the overbought zone(70). Lastly we can see that the Moving average as the 20MA is below the 50MA and both 20MA,50MA is below the 100MA. We can also see that the 20MA is acting as the resistance for the price.
Looking at both long term and short term we can see that the trend is bearish in the long term and we can see the change in the sentiment of the people in the 4hr time interval the bulls are giving their best to fight. We can see the descending triangle pattern in making if the price is able to sustain at the support and then descending triangle pattern it is a very bearish pattern the bear will take the price down.