MIOTA price analysis: IOTA coin offers a breakout of the $ 1.4 resistance

  • The IOTA coin price is calling for the 20-day EMA back
  • The IOTA / BTC pair is trading at 0.00002696 BTC with a gain of 8.96%
  • The 24-hour volume for IOTA coins is $ 234.8 million

Source: IOTA / USD on Tradingview

The IOTA coin has shown a remarkable rebound after its price bounced off the $ 1.02 support with the morning star pattern. The coin price is now continuing its rally, offering crypto traders a long chance as well, with a deceptive breakout of the $ 1.4 resistance. However, these traders should wait for a candle to close above this level to confirm this breakout.

Regarding the EMAs; IOTA price shows a strong bullish outlook as its price is trading higher than the all-important EMAs 20, 50, 100 and 200 EMA.

The RSI value is 58, which indicates a bullish sentiment among IOTA coins. Additionally, the RSI line has shown impressive recovery in value projecting the increasing strength of market buyers.

The IOTA coin shows a rounded bottom pattern.

Source: IOTA / USD on Tradingview

The IOTA coin reveals another positive news for its trader where its price forms a rounded bottom pattern on the 4 hour timeframe. This pattern shows a clear shift from a downtrend to an uptrend and offers its traders a number of new opportunities. The cutout for this pattern is at the $ 1.75 mark.

Additionally, the IOTA coin can notice the remarkable confluence of the SR level on the chart above, with the traditional pivot level providing more confirmation of a significant breakout of resistance.

The MACD indicator shows that the MACD and signal lines are moving higher than the neutral zone (0.00), indicating the bullish sentiment in the coin.

Diploma: From a technical point of view, the IOTA coin offers a strongly positive outlook with its price action and indicators, indicating the beginning of a new rally. Additionally, the price recently broke the $ 1.45 mark, which can provide a good entry level for the trader if the price holds above it.

Support of $ 1.45

Resistance $ 1.5

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