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Vikram
Mar 10, 2022
by Vikram

IOTA Technical Analysis: Will The Trapped Trend Surpass 50-day EMA?

IOTA
The IOTA coin price shows a range-bound movement between $0.70 and $0.80, resulting in the potential double bottom pattern.

Key technical points:

  • The 50-day EMA trends lower to prevent the bullish breakout.  

  • The Stochastic RSI shows an early bullish reversal. 

  • The 24-hour trading volume in the IOTA Token is $56 Million, marking a 105% rise. 

    • Past Performance of IOTA

    The IOTA coin price rallied from the $0.70 support level, forming a potential double bottom pattern. The bullish anticipation of reaching the $0.80 can lead to a bullish breakout if buyers surpass the 50-day EMA. A reversal will result in a further continuation of the range-bound movement. 

    TradingView Chart

    IOTA Technical Analysis 

    IOTA coin price will light a buying signal with the breakout of $0.80 maximum resistance of the accumulation range. The uptrend may reach the $1 mark if buyers hold the trend and maintain the pressure. 

    The recent death cross results in a falling trend of the 50-day EMA as it gets closer to the range’s resistance, increasing the chances of a fakeout. 

    RSI Indicator: The RSI slope and the 14-day SMA continue the uptrend at the halfway mark. Moreover, the RSI slope shows a bullish divergence in the bullish pattern. Therefore, the 50% mark breakout will increase the bullish edge. 

    Stochastic RSI Indicator: The K and D lines show an early reversal from the halfway mark resulting in a bullish crossover. Therefore, the rising strings increase the chances of a bullish breakout.

    In a nutshell, IOTA technical analysis radiates a bullish glow as the range breakout seems imminent.

    Upcoming Trend

    IOTA coin price shows a rise in the underlying bullishness as the reversal from $0.70 gives a breakout possibility. Hence, the expectation of the upcoming trend reaching $0.80 and offering a bullish breakout increases. The breakout rally has the potential of getting the psychological barrier at $1.

    However, the reversal from the 50-day EMA can invalidate the bullish breakout thesis and lead to a price fall to $0.70.

    Support Levels: $0.70 and $0.60

    Resistance Levels: $0.80 and $1

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    IOTA Technical Analysis: Will The Trapped Trend Surpass 50-day EMA?
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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