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- IOTA has been consistently performing bullish since the past week
- However, IOTA price is still due for a positive breakout above the major resistance level of $1.50
- The IOTA/BTC pair is also performing positively with an overall gain of 1.55% over an hour.
Over the weekly chart, IOTA avoided a negative breakout above the crucial mark of $1.00 with the help of a support level of $1.20. The support level did provide positive bounceback to the crypto asset, which is also sustaining in the current market session. The positive momentum is also getting support from the community’s fundamentals with the launch of firefly wallet upgrade during the past week. The CMP is placed at $1.44, with an overall gain of nearly 3.00% over the day. The market capitalization has reached $4.24B, with the 24-hour volume traded at $85.18M.
IOTA (MIOTA) Technical Analysis
IOTA’s technical chart highlights the strong bounceback made by the price levels after testing the critical support area of $1.00. With the ongoing bullish trend for the coin, the price levels might look for simultaneous testing of strong resistance present at 1.00fib level. However, IOTA price needs to maintain sustainability above 0.786fib level at the same time.
The current levels are able to sustain above the baseline of the Bollinger Bands, which can be taken as a positive sign for the testing of resistance present at $1.5.
The relative strength index is still showcasing sideways momentum (maybe because of the resistance zone getting closer). A positive breakout above 60 can help target the overbought trajectory.
The moving average convergence & divergence have climbed above the histogram and started developing green bars, which can help sustain the positive momentum in the upcoming trading sessions.
Resistance Level: $1.50 & $1.54
Support Level: $1.20 & $1.00
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.
