- IOTA / MIOTA surged 33% in the past three days, from trading around $0.288 to the LTP $0.3864.
- IOTA is currently trading around its resistance of $.3822 only and likely to face next resistance at $0.403 and $0.43.
- $0.43 is the last high which IOTA(Technologies) made on November 24 2020.
IOTA (Technologies) also called MIOTA had given a triangle breakout on the line chart, four days back. The triangle breakout resulted in a 33% upside starting from $0.288(as on January 2, 2021) to LTP $0.3864.Its 24 hour volume is $81,646,752 and market capitalization is $993,953,440. The coin has reached its second resistance of $0.3885 after breaking the first hurdle at $.35. Any decline from this level will move the script to $0.35 while a further upside will move towards $0.4250.
The Three Soldiers Of IOTA (MIOTA): A Strong Bull Rally
Considering the price action, one can easily conclude that IOTA has given a successful triangle breakout recently. The coin made Doji candles before the breakout(an indication of indecisiveness) followed by three long bullish candles called the three white soldiers (seen at the onset of strong bull rallies). However, the third candle was a smaller one with longer wicks showing both buying and selling pressures. This created a hold in the rally, but MIOTA successfully breached the level and tested its immediate resistance at$0.3825. A further upside may take the script towards $0.425, which was the high of the previous two bull run.
The Bollinger Band(10 SMA) widened up with the breakout confirming breakout(since the volatility increased). IOTA continued to ride the upper band for four days showing no signs of weakness(except the third candle with longer wicks).
MACD(8, 21, 5) also gave a bearish crossover at the levels of -0.004. The signal line and slow line also broke their first resistance of 0.000 and are now positive. The next resistance is expected at 0.025. A further upward movement will make the lines test the resistance of 0.0335.
The RSI(14) was in neutral territory(40-50) before the breakout but rose to a level of 68.1 due to the rally by surpassing the first resistance of 64-65 zone. If the indicator continues the trend, it will reach the oversold territory, i.e. 75 levels and test the high of a previous bull run at 78-79 levels.
IOTA has given a triangle breakout and is currently sustaining the resistance zone of $0.03825-$0.03. There are no signs of weakness yet as the coin makes more significant body green candles with smaller wicks. A further upward movement may surge the coin towards the resistance level of $0.425.
Potential Support: $0.35
Potential resistance: $0.425
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