IOTA / USD (MIOTA) Price Analysis: Testing The High Of Previous Bull Run May Surge Towads All-Time High

  • IOTA/USD gave a breakout after forming a triangle pattern on January 3, 2020
  • IOTA/USD has rallied 35%-36% from the price range of $0.288 to the LTP $0.3829
  • IOTA/USD is currently testing the high of last bull run, surpassing which the coin may head to test its all-time high $0.4297

IOTA/USD (MIOTA) has rallied 36%-37%after, making a triangle pattern on January 3, 2020. The coin surpassed two of its strong resistance zones which are $33.83 and $36.52 levels. Now the coin is testing its third resistance at $38.30, which is also the high of its previous bull run. If the coin breaks out from this level, it may head towards its all-time high resistance $42.97.

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IOTA/USD commenced its launch on January 3, 2020. The coin made a green engulfing candle which engulfed 5 Doji candles and confirmed triangle breakout. 

Bollinger Band(10) widened up signalling increased volatility in the coin. The coin rode the upper band for all the days except today when it faced rejection from the last high of the previous bull run. 

The Relative Strength Index entered the bullish territory (above 50 levels) at the time of breakout and rallied all the way to 68-69 levels. If the indicator sustains this level, it will test the previous high of 78.

The MACD (8,21,5) also gave a bearish crossover at the time of breakout and showed divergence, which brought weakness in the trend possible. The indicator is yet to test its last high of 0.0334

The coin is currently trading in a no trading zone possibly as it made a dragonfly candle today which might initiate a reversal or consolidation in the trend. If the coin further rallies, it will test its all-time high. 

Support: $0.3652 and $0.3383

Resistance: $0.38-$ 0.40 and $0.4297 

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Kartik Dhankani
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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