MIOTA Price Analysis – May 28
The two weeks channel pattern has been finally broken up after a strong rejection at the $0.44 level. MIOTA has now resumed the bullish continuation as the buyers gain control of the market. The 14% surge in volatility has leveled up trading price at around the $0.49 with a market cap valuation of $1.354 billion.
Resistance levels: $0.52, $0.55
Support levels: $0.457, $0.42
After rising above the important 50-day moving average (blue), MIOTA peaked at $0.46 before constructing a channel which has maintained the market in a side way trend for about two weeks before witnessing a channel break-up a few hours ago, recording a new price level around the $0.5. We may see more climbs in the next few hours of trading towards the $0.52 and $0.55 resistances. Meanwhile, the bull has taken over control of the market.
On the downside, the $0.457 could provide support for a possible bearish retracement. However, the token may further test the $0.42 support and below, where the 50MA lies. As revealed on the MACD, the current buying pressure is clearly revealed above the zero level. At the moment, we can say the MIOTA market follows a bullish scenario.
Against Bitcoin, MIOTA saw a heavy price break-up some hours ago, surpassing the 5300SAT which has now turned support. As of now, the token’s price is trading around the 5600SAT level. Moving upward, the buyers may meet immediate resistance at 6000SAT and beyond. The bullish break-out is revealed on the 4-hours MACD, crossing over to the positive level.
If the market falls, however, the bears are likely to find support at around the 5300SAT support. A bearish move may further locate support at the 4550SAT, resuming back into the descending channel. The blue 50-day MA is gradually following the trend as it prepares to turn bullish.
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