IOTA Price Analysis: MIOTA Price Testing The Support For Bounce Back

IOTA Price Looking for a positive breakout
  • IOTA Price is currently travelling in a parabolic curve on 4-hour chart with a gain of 2.11%
  • IOTA indicators are suggesting a negative for the coin.Meanwhile the IOTA/BTC indicator is at the level of 0.00002504 BTC
Source:Trading view

IOTA price is currently at the value of $1.36  with an intraday gain of 2.11%. MIOTA price mightface resistance at the value of $1.5, and on the downside. It can see a bounce back from $1.00. IOTA has given a whooping return of 400% in less than 4 months. IOTA made a 52 week high on Feb 19,2021.After making 52 week high the price went by 20% before regaining the positive levels.

MIOTA is currently trading above 50 and 200 Moving average. The 50-MA (red line) is at the level of $0.946 making it temporary support for the coin. The IOTA/BTC pair is currently seeing a positive pump with an intraday gain of 1.20% and currently showing strength for positive levels.

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MIOTA is currently ranked at 27th surpassing others in the crypto-verse with a market capitalization of $3,770,723,321.The 24-hour trading volume for the coin went up by 39.8%

TECHNICAL INDICATORS NOT IN FAVOR OF POSITIVE RALLY  

Source:Trading view

IOTA weekly chart shows consolidated move.The daily chart forecast a possibility for a positive crossover between the moving average. While coming on to the shorter time frame of 4hrs,it is inside a parabolic curve. If the price breaks 10% above or below  the curve then major movement can be seen on IOTA price.

The volume indicator on the 4hr chart is at 571K, indicating a buying signal with lower strength. It can see a rise in buying if it goes above $1.5

RSI(Bearish): It is currently trailing at the value of 55.08, showcasing its presence in the overbought zone. There is significant negative slope formed in the RSI, highlighting that IOTA price will see a negative breakout in the upcoming session.

IOTA Price Ready For A Big Move

IOTA price has given great returns to its investors in the past couple of months. The IOTA/BTC pair is currently seeking a momentum for a positive breakout. MIOTA can be profitable for the investors in the upcoming session.

TECHNICAL LEVELS

Major Support:$1.00

Major Resistance:$1.55

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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