- IOTA token shows narrow range bound moves.
- Bulls loosening the momentum in the recent trading sessions.
IOTA token shows a breakdown below the lower trendline and shows consolidation near the bottom mark of $0.1700
IOTA price prediction favors the bears and suggests a bounce in the near sessions until it exceeds $0.1900. IOTA price witnessed profit booking from the supply zone and returned to the lower range of consolidation. However, the price is stuck in the wide range and likely to break either side soon.
IOTA price trading below the significant exponential moving averages (EMA)and showcased a downtrend. However, above the mark of the $0.1600 demand zone, the downside is capped, and the upside only be there.
When writing, the IOTA token is trading at $0.183 with an intraday gain of 3.87%, showing the rising action of bulls. Buyers are now gradually accumulating the token from the support mark and gaining traction. Intraday trading volume also increased by 4.50%. Moreover, the trajectory lows are retested and willing to attempt a bounce.
Daily Charts Show Consolidation
On the daily charts, the IOTA token shows a down move, and now the token is near the demand zone and willing to gain traction soon. Moreover, the technical parameters do not favor more downside but suggest a bounce in the upcoming sessions.
The IOTA token is hovering near critical support, and a bounce is pending in the near sessions.
IOTA price has underperformed in the past few months, disappointing long-term investors. If the consolidation continues in the coming month, it can be interpreted as a corrective phase for the token.
What Technical Indicator Says?
On the 4-hour charts, the IOTA token is showing a rise with a bounce, the recent breakdown was unable to be resumed by sellers, and buyers attained a grip and held the gains. The token obtained the gains near the demand zone, and a bounce was noted, which was an early indication of the bullishness.
The Relative Strength Index ( RSI) showed a steep bounce from the oversold region, and the token led a comeback and recovered from the support. The token spurred the gains with a volume surge, and the interest of investors gradually increased.
The MACD indicator showed a bullish crossover in the last session. It showed the starting of a fresh uptrend from the down bottom near $01700, where buyers had a substantial edge, and the probability of bounce was on a peak, which exactly happened in the last session.
Conclusion:
The IOTA token is on the lowest mark of $0.170 and starts accumulating gains to again come into action to beat the mighty bears.
Technical levels
Resistance levels: $0.2000 and $0.2750
Support levels: $0.1700 and $0.1560
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.