IOTAUSD Price Analysis – July 12
In case IOTA breakout at the support level of $0.59, then, the support level of $0.37 and $0.21 may be tested. On the other hand, when the Bulls were able to push up the price and break up the $0.94 level, the price may expose to $1.31 and $1.61 price levels.
IOTA/USD Market
Key Levels:
Resistance level: $0.94, $1.31, $1.61
Support level: $0.59, $0.37, $0.21
IOTA/USD Medium-term Trend: Ranging
IOTA/USD is on the ranging movement in the long-term outlook. The cryptocurrency was under the bearish pressure started from April 17. The coin dropped to the support level of $0.94 on May 29. There was a price retracement to retest the broken levels of $1.31. Further increase in price was not possible as the price was confronted with the confluence at the mentioned level. The Bears resumed their movement and the price descended towards the support level of $0.59. Since then, the price confined its movement within the $0.94 and $0.59 levels.
IOTA is trading within the 9-period EMA and 21-periods EMA at contact range and the two EMAs are parallel to each other with little or no space in-between which indicates that the bearish and bullish momentum is low. However, the relative strength index period 14 is at 40 levels pointing to the south which indicates sell signal. In case IOTA breakout at the support level of $0.59, then, the support level of $0.37 and $0.21 may be tested. On the other hand, when the Bulls were able to push up the price and break up the $0.94 level, the price may expose to $1.31 and $1.61 price levels.
IOTA/USD Short-term Trend: Ranging
IOTA is ranging in the short-term outlook. The volatility in the IOTA market in the 4 hour chart is very low. The bears’ momentum and the bulls’ momentum seems to be at equilibrium. IOTA price is currently ranging within $0.94 and $0.59 levels.
The price is hovering over the 9-period EMA and 21-periods EMA which connotes that consolidation is in progress. The relative strength index period 14 is at 40 levels pointing to the south indicates that IOTA may sell.
