IOTA price analysis: IOTA token is struggling to break above the resistance trend line, can briefly reverse

  • IOTA token price is bouncing up with a sharp V-shaped rebound but is struggling to break above the resistance trendline.
  • The token price is struggling to rise above the resistance of the 50-day EMA.
  • The IOTA / BTC pair is trading at 0.00002103 BTC with a gain of 9.61%.

The price of IOTA tokens has fallen as the supply dump has become more common. The coin price failed on any upward move to break above the resistance trendline.

The move up from demand near the $ 0.56 mark has resulted in more than 50% of the coin price. But more importantly, the upside helped the price rise and formed a V-shaped rebound that caused the underlying upside move to grow further.

The rising 20-day EMA could soon lead to a bullish crossover, with the 50- and 100-day EMA generating a bullish buy signal, creating more greed among investors, leading to increased buying pressure.

If the price sticks to the upward momentum, investors could expect an upward rally of 30 to 50%. However, if the price drops dramatically, investors can expect to lose the same positive percentage.

Currently, the IOTA token price is valued at $ 0.8682 with a market cap increase of + 9.57% in the last 24 hours, forecasting an increasing rate of growth as the price struggles to rise above the resistance trendline.

The intraday trading volume of the coin has fallen about 16% in the past 24 hours, suggesting a loss of interest from investors that could lead to a speculation-based trend reversal.

Ongoing bullish attempts at the IOTA token price

The 4-hour technical chart shows that IOTA token prices have seen an increase in trading volume. This is due to mounting upward pressure as well as the psychological state of investors, which is becoming greedy. As a result, the token price is currently in an uptrend, as shown by the bullish candles and long range.

The recent price increases have violated the EMAs. The market is trading well above the EMAs.

IOTA has impressively demonstrated its potential, hitting $ 2.5 after a low of less than $ 0.25. The coin price has seen a remarkable surge and could continue to rise until it hits the $ 1 mark.

Technical analysis of the price action suggests that a bullish breakout could struggle to break above $ 0.89 or $ 1. However, if prices break the 50-day EMA, the bearish bias could fall to $ 0.78 and even $ 0.68.

Relative Strength Index (bullish) indicates bullish momentum once the slope of the RSI crosses the oversold territory.

The ADX means an increase in the trend momentum with a price jump upwards.

Overall, the trend is gaining strength and the underlying bull market is rising as per the ADX and RSI indicators.

graduation – The IOTA token price could move higher after the $ 0.89 breakout, suggesting an uptrend that could soon lead to a new higher high above the $ 1 mark.

Support – $ 0.78 and $ 0.68

resistance – $ 0.89 and $ 1

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