IOTAUSD Price Analysis – September 29
IOTA is targeting the support level of $0.94 and may break it down to reache$0.59 and $0.37 levels provided the Bears increase their pressure. In case the Bulls were able to push up the price and break up the $1.25 level, then, $1.61 and $1.84 price level may be the target.
IOTA/USD Market
Key Levels:
Resistance level: $1.25, $1.61, $1.84
Support level: $0.94, $0.59, $0.37
IOTA/USD Medium-term Trend: Bearish
IOTA/USD is on the bearish movement in the long-term outlook. The cryptocurrency has been under the bearish pressure started from September 18. The coin dropped to the support level of $1.25 on September 21. There was a price retracement to retest the broken levels of dynamic resistance. 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 is descending towards the support level of $0.94.
IOTA is trading below 9-period EMA and 21-periods EMA at a distance which indicates that the bearish momentum is strong. The relative strength index period 14 is below 40 levels pointing to the south which indicates sell signal. IOTA is targeting the support level of $0.94 and may break it down to reache$0.59 and $0.37 levels provided the Bears increase their pressure. In case the Bulls were able to push up the price and break up the $1.25 level, then, $1.61 and $1.84 price level may be the target.
IOTA/USD Short-term Trend: Bearish
IOTA is bearish in the short-term outlook. IOTA price has formed a descending channel in the 4- hour chart. The price hit the lower trend line and bounced on September 22. The price increased to retest the resistance level of $1.25. The bulls were unable to break up the confluence at the mentioned level.
The price is heading towards the support level of $0.94, trading under the 9-period EMA and 21-periods EMA which connotes that the Bears’ pressure is increasing. The relative strength index period 14 is at 40 levels pointing to the north indicates that IOTA may buy temporarily.
