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IOTA Price Analysis: Huge Momentum in Iota Token Suspected, Symmetrical Triangle Coils Up the Tension

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  • IOTA Token price has increased more than 750% since January 2021 and continues to rise higher.
  • Currently, the coin price is just above the 50 EMA and the increasing momentum, implying the uptrend is intact.
  • The IOTA/BTC pair is trading at 0.00004355 BTC with an intraday gain of 12.96%
Source – TradingView

IOTA token price is resonating inside the symmetrical triangle in the daily timeframe. The breakout of this pattern could lead to a 20% price jump at the very least. The coin price is supported with bullish RSI and increasing momentum creating bullish sentiments among investors. The 50 EMA is providing constant support to the increasing coin price. The IOTA token price today is $2.12, with a 24-hour trading volume of $250,807,480. The coin price is up 11.73% in the last 24 hours. The current ranking is #33, with a live market cap of $5,894,595,800. 

IOTA Token forms ascending triangle in weekly timeframe

Source – TradingView

IOTA token price action has made an ascending triangle pattern in the weekly timeframe. As per the price action, the $1 support level may hold the price up after the fallout; however, the immediate resistance levels of $2.32 and $4. IOTA price may hit the $4 level before the end of this year. A short-term pullback might give a retest for the breakout of the ascending triangle.

The price jump of 15% in the last 24 hours has resulted after the price found support near the 50 EMA(yellow), implying bullishness, and in support, the 200 EMA(white) is below the 50 EMA.

The RSI (bullish) indicates increasing bullishness while trading at 54 and slowly heading towards the overbought zone.

The ADX indicates the start of a strong trend momentum as it is trading at 17 and the slope in ADX is ready to push higher. 

Conclusion – IOTA coin price is resonating inside a symmetrical triangle pattern, a breakout of which might lead to a 20% price jump. A short-term pullback might give a retest of the breakout. With momentum ready to grow along with the bullishness showcased by RSI increases the chances of the breakout. However, early traders should enter only after retest confirmation.

Support- $1

Resistance- $2.32 and $4

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