IOTA Price Analysis – October 30
Following the price movement on the chart, IOTA price may have a price breakout from the channel as the market trades in a tight range.
Resistance levels: $0.300, $0.310, $0.320
Support levels: $0.250, $0.240, $0.230
On the daily chart, the price of IOTA is dropping back to the nearest support after witnessing a sudden price increase a couple of days ago. Yesterday, IOTA was rejected at $0.285 after seeing a two days price influx from $0.277. Now, the market is falling back to the lower boundary of the channel. The closest support to keep an eye on is the $0.250, $0.240, and potentially $0.230. A further drop could lead to a severe bearish phase.
In addition, if the $0.250 support can suppress the on-going selling pressure, we can expect the price to bounce back. For now, the nearest resistance for the market is $0.300, $0.310, and $0.320. As it appeared on the daily chart, there’s no sign of a decisive move at the moment. However, the IOTA/USD pair is slowly falling on the daily chart with a bearish divergence signal. Stochastic RSI for IOTA is moving into the overbought zone which may give more bearish signals.
When compared with BTC, IOTA has been slowly grinding higher. After bottoming out around the 2858 SAT level, the price began to slowly ascend and is currently trading around 3044 SAT. MIOTA’s price is now contained within the descending channel as we wait for the bulls to hopefully push the market.
However, should in case the bulls break out of the channel, we can expect initial resistance at 3400 SAT. Above this, higher resistance lies at 3500 SAT and above. On the downside, the MACD signal lines are about to cross to the negative side, if the sellers make use of it and push the market beneath the lower boundary of the channel, then the nearest support of 2700 SAT could be visited. Beneath this, further support lies at 2500 SAT and below.
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