IOTA Price Analysis – August 8
The IOTA price is trading inside a long-term resistance area, a breakout above the channel could trigger a rapid increase.
Resistance levels: $0.37, $0.39, $0.41
Support levels: $0.29, $0.27, $0.25
IOTA/USD has now resumed the bullish continuation as the buyers gain control of the market. The 3.98% surge in volatility has leveled up trading price at around the $0.33 resistance level. The coin is seen trading above the 9-day and 21-day moving averages.
What to Expect from MIOTA
The IOTA price has been increasing since June 28. Therefore, traders may see more climbs in the next few hours of trading towards the $0.35 and $0.36 resistances as the bulls are taking control of the market. On the downside, the 9-day MA at $0.31 could provide support for a possible bearish retracement.
However, the coin may further test the $0.29, $0.27, and $0.25 supports. As revealed on the RSI (14) indicator, the current buying pressure is clearly revealed above the 70-level. At the moment, we can say the MIOTA market is following a bullish scenario.
IOTA/BTC Market: Price Maintains the Bullish Trend
Against Bitcoin, IOTA has been slowly grinding higher. After bottoming out around the 2320 SAT level on July 27, the price began to slowly ascend and is currently trading around 2830 SAT. MIOTA’s price is now contained within the ascending channel as we expect the bulls to hopefully push the market higher as the RSI (14) moves to cross 60-level upward.
Nevertheless, if the bulls break above the upper boundary of the channel, traders can expect initial resistance at 3000 SAT. Above this, higher resistance lies at 3100 SAT and above. In other words, if the sellers push the market beneath the lower boundary of the channel, we can expect critical support at 2500 SAT and below.