IOTA Turns Green After Two-Day’s profit-booking Momentum

  • IOTA gains over +5.31% in today’s trading sessions standing at $0.3010, after testing the high level of $0.4225
  • The pair of IOTA/BTC also gains over 5.71% stands at 0.00001798 BTC
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Source:tradingview

IOTA (MIOTA) gives a positive breakout as breaking the highs of the past few days candles. The coin after making the low of $0.2263 gives a bullish momentum touches the high of $0.4225 on 24th November 2020, however, slips from the high and currently trading at the price level of $0.3010 with the intraday gain of 5.31% supported by the volume traded around $33,745,340 and the total market capitalization stands at $837,555,588. 

Over the monthly chart, IOTA finds the support at $0.2650 and $0.2260, while the resistance is placed at the higher levels of $0.3850 and $0.4225. The level of $0.4225 is acting as the strong resistance in the coming trading sessions. While the strong support at $0.0800 (52-week low)

Screenshot from 2020 11 27 16 41 22
Source:tradingview
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The daily chart over the one-hour candlestick showing some recovery from the low of $0.2735, after the profit-booking in IOTA. Over the daily chart, the support is placed at $0.2600 and $0.2850 and the resistance is placed at $0.3550 and $0.4000. 

The Relative Strength Index (RSI) is trading at the level of $41.81 after falling from the overbought zone currently trading towards the zone, indicating the bullish momentum in coming trading sessions. 

Directional Movement Index (DMI) after giving the negative crossover as suppressing the -DI by the +DI indicating the positive momentum in the coming trading session.

Moving Average Convergence Divergence (MACD) indicator gives the negative crossover and after the negative crossover Bull’s line (blue) is heading towards the Bear’s line (red) as indicating the positive crossover in the coming trading sessions. 

Resistance level:  $0.3550 and $0.4000

Support level: $0.2600 and $0.2850 

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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