IOTA Technical Analysis: Uptrend Gains Momentum To Reach $1
IOTA is an open ledger distributed with one major difference in that it's not an actual blockchain. Instead, its own technology is referred to as Tangle, which is a system of nodes that verify transactions. The platform's core claims that it offers much faster speed than traditional blockchains and is a perfect place to establish a footprint for the rapidly expanding Internet of Things ecosystem.
The IOTA team behind IOTA believes that the possibilities for applications don't stop here. They believe that their distributed ledger will provide digital identities to all people, which could result in car insurance policies built on actual use and open the way to advanced smart cities, provide seamless global trade and verify the legitimacy of products.
Let us move ahead to read about IOTA technical analysis.
Past Performance of IOTA
The IOTA coin price action shows a sharp bullish recovery as it breaks above the $0.81 barrier in the daily chart. The coin price grows by 8.72% in the past 24 hours and continues the uptrend to reach the $1 mark. The token exchanges hand beneath all the crucial EMAs reflecting an overall downtrend in action.
IOTA Technical Analysis
The IOTA coin price action found huge demand with the breakout of $0.801 mark as it creates a huge bullish engulfing candlestick. Hence, the increased pressure may soon help the coin price reach the $1 mark.
The crucial Exponential Moving averages shows a bearish alignment as the price rises to reach the 50-day EMA. However, the recent crossover of the 100 and 200-day EMA increases bearish influence.
The RSI indicator shows a rise in the underlying bullishness as the slope rises to reach the central mark after the 14-day average breakout. Moreover, the 14-day SMA shows gradual reversal marking a trend reversal.
The Commodity Channel Index shows the slope rising above the zero line reflecting a bullish rise. However, the slope remains within the neutral zone indicating a possibility of a reversal of the retracement.
In conclusion, the technical indicators reflect a rise in the underlying bullishness but the overall trend remains bearish. Therefore, the IOTA coin price shows the possibility of a reversal.
Upcoming Trend
The IOTA technical analysis shows the coin price jumping, which results in the creation of a bullish engulfing candlestick in the daily chart. The rally rises higher to reach the $1 mark as the buying pressure continues to grow.
Traders buying at current prices can target the $1 and $1.20 mark as the buying pressure grows with the breakout of the $0.81 horizontal level. Below the $0.81 mark, the support levels are at $0.70 and $0.60.