IOTA Price Analysis: IOTA Bulls Sustaining Ongoing Positive Momentum

MIOTA Showing Strength At $2.50
  • IOTA price jumped from $1.85 to $2.44 on Saturday’s trading session
  • The 24-hour volume in IOTA is at $541,936,857 with a 120% increase
  • The IOTA/BTC pair was trading at 0.00003957 BTC with a gain of 2.22%

The 4-hour technical chart of the IOTA price forecasts a positive trend. According to pivot points, IOTA’s critical support level is placed at $1.85. Whereas if it moves up, the key resistance to watch is $2.50. While diving into the weekly chart of a 4-hour time frame, it completes a bearish pin bar candlestick pattern representing bearish reversal with low reliability.

EMA- (8,13,21,55) acts as another strong support in the coin. EMA-8 (blue) is above EMA-13,21 (green, yellow), which projects a positive trend. The price is sustaining above 55-EMA (red). Investors may perceive a positive crossover in the EMA, and the price will also follow the positive trend.

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RSI indicator (BULLISH), with a value of 63, indicates a buy signal in the coin. Moreover, Investors can see a downward slope from 75 to 63 in the index, which may surge in future trading sessions.

The volume of (7.27M) represents a buying volume above the Volume MA (6.51M) of 20-days. High buying pressure is maintained in IOTA to drive its price to higher levels.

IOTA Price Action Buying Pressure Is Maintained

IOTA Price traded at $2.44 with a gain of 1.80% in the last 24-hour and 26.80% up in the weekly time frame. Furthermore, IOTA bounced from the support of $1.85. In contrast, the market capitalization stands at $6 billion. Technically, investors can perceive a positive crossover in the EMA, and the price is sustaining above the 55-EMA. RSI index showcases a downward slope. Moreover, the price movement can be above the resistance of $2.50 in future trading sessions.

Resistance: $2.50

Support: $1.85

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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