- IOTA / MIOTA surged 24% in the past three day, from trading around $0.288 to the LTP $0.3570.
- IOTA is currently trading around its resistance of $.35 only and likely to face next resistance at $0.3825.
IOTA (Technologies) also called MIOTA has given a triangular breakout on the line chart, three days back. The triangular breakout resulted in a bull run of 24% starting from $0.288 to LTP $0.3570.Its 24 hour volume is $76,711,612 and market capitalization is $993,953,440. The coin has breached its resistance of $0.3535 and sustaining at $0.3552. Any decline from this level will move the script to $0.30 while a further inclination will move it towards $3825 levels.
WHAT DOES THE THIRD WEAK SOLDIER OF IOTA MEANS?
Considering the price action, one can easily conclude that IOTA (also called MIOTA) has given a successful triangular pattern breakout recently. The coin was making doji candles prior to the breakout(indication of indecisiveness) which was followed by long three bullish candles also called the three white soldiers (seen at the onset of strong bull rallies). However the third candle is a smaller one with longer wicks showing both buying and selling pressures.
The first green candle was accompanied by widening of Bollinger Band (10 SMA) which indicated an increase in its volatility,currently IOTA is riding the upper band. If the IOTA leaves this band, it must be taken as a breather for the rally.
MACD(8, 21, 5) also gave a crossover at the levels of -0.004 and the signal line and slow line are now headed to test their immediate resistance at 0.000 and 0.006. A further upward movement will make the lines test the resistance of 0.026.
The RSI(14) was in neutral territory(40-50) before the breakout but skyrocketed to level of 63 due to the rally. The resistance of RSI is around 64-65 levels only and if the indicator sustains this level it may head towards the oversold territory i.e. 75 levels.
IOTA(Technologies) or MIOTA has given a triangular breakout and is currently sustaining in the resistance zone of $0.345 to $0.360 which made a weaker third soldier for this rally. A further upward movement may surge the coin towards the second and third resistance level of $0.3825 and $0.425 respectively.