- The IOTA token price is resting at the long-term demand zone on a daily time frame.
- The IOTA token price is forming a falling wedge pattern on a 4-hour time frame while on a daily time frame the token price is forming a bearish chart pattern.
- The pair of IOTA/BTC is trading at the price level of 0.0000139 with a decrease of -0.92% in the past 24 hours.
The IOTA token price as per the price action is resting on a long-term support area. Recently the token price faced the heat of the overall cryptocurrency market as it fell to the demand zone. The IOTA token price is now in a consolidation phase over a larger time frame. As of now, on a lower time frame, the token price is making lower low and lower high formation. The token price tried to bounce off the demand zone but failed to do so as it faced bearish pressure from the neckline supply zone. At present, the token price is in a bearish trajectory in the larger time frame. Recent bearishness has resulted in the token price falling below the 50 and 100 important Moving Averages. Moving upwards the token price can be seen as facing strong rejection from these MAs. Volumes have increased causing the volatility to increase in the IOTA token price. At present, the IOTA token price is trading at the lower band of the Bollinger band indicator after failing to surpass the upper band. The token price is currently trading below the 14 SMA in the daily time frame.
The IOTA token price is forming a falling wedge pattern on a 4-hour time frame
Relative Strength Index: RSI curve is trading at the price of 45.39 as the token bounces off the demand zone. At present, the RSI curve has crossed the 20 SMA. The token is forming higher low and higher high formation on a 4-hour time frame as the token shows bullishness in the higher time frame. The IOTA token price can be seen moving if it sustains the recent gains and breaks the supply zone and if it does then the RSI curve can be seen moving even higher up supporting the trend, crossing the 50 halfway mark.
Supertrend: The IOTA token price is hovering around the demand zone on a daily time frame. While in a 4-hour time frame the token price is forming a bullish chart pattern. Recently the token price bounced off the demand one, which resulted in the breakout of the super trend sell line which was acting as a strong supply zone. As of now, the super trend indicator has formed a super trend buy line which could act as a strong demand conceiving forward.
Average Directional Movement Index: ADX has been continuously rising as the token price bounced off the long-term demand zone on a daily time frame. As of now, the token price is trading at the important supply zone on a 4 about the time frame. The breakout of the supply zone can act as a strong demand zone in the coming days. At present, the token price is trading in a small range, and if the same continues the token price can be seen breaking on either side, triggering strong moves in the upcoming days. ADX curve has dipped out of the 20 mark.
CONCLUSION: The IOTA token price is bullish on the lower time frame and the same is depicted by the technical parameters. On a larger time frame, the token price is still bearish. As of now, the token price has formed a bullish chart pattern on a 4-hour time frame. It remains to see if the token price will break the supply zone or face rejection and fall.
SUPPORT: 0.25 and $0.23
RESISTANCE: $0.35 and $0.37
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.