MIOTA Price Analysis – May 10
Following a bearish sentiment, MIOTA price has drastically dropped in the past weeks of trading due to the selling pressure in the market. Technically, the token is yet to exhaust the momentum. However, a significant rise above the potential resistance may set a bullish reversal for the market.
Resistance levels: $0.3, $0.34
Support levels: $0.24, $0.22
MIOTA/USD market has been witnessing a huge supply for the past five weeks. As a result of this, the market has been subjected to a decline as the token maintained the carved descending broadening wedge trend line which is still intact for the bears.
Following the wedge, the sellers may locate support at around $0.24 level. On the upside, a potential resistance level lies for the buyers at $0.3. If the wedge breaks up, however, the bulls could propel price to $0.34 resistance and above.
A break-down could rally to the bottom of $0.22. The 4-hours MACD operates below the zero level as the RSI closes the oversold area; revealing the current bear market.
For over a month, MIOTA has appeared to be following a downtrend as the price remained substantially low. This is due to the selling pressure in the market as the bears gained control of the market. As shown on the 4-hours MACD, the token is significantly trading at the negative zone.
In no time, the cryptocurrency may rally further to 4000SAT if the supply continues to remain heavy. Before the rally, there’s a need for the market to run a retest at around 5000SAT before a bounce down.
More so, the 4-hours RSI trend has been supported on the oversold line since the market fell in late April. A drop below the 30 level could position the market in a more bearish condition.
Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.