IOTA Price Analysis: Price Surged 27% in a Week, Bulls are Helping with the Situation

  • The IOTA price is trading at an uptrend movement after moving on a sideways  trend for a long time over the daily price chart.
  • The technical indicators are in favor of a bullish movement over the daily chart.
  • The IOTA/BTC pair is at 0.00001418 BTC which is at a gain of 5.16%.

The IOTA price is trading at an uptrend movement after moving on a sideways  trend for a long time over the daily price chart. This signifies that after a tough fight the bulls took over the market dominance, a big reason behind this is the support of BTC. The major dominator BTC has started rallying bullish so the bulls are taking over the dominance easily.

The coin accumulated the buyers and made a recovery of approx. 27% in a week. Although the rebound is modest, investors can breathe a sigh of relief. The bulls need to be consistent to support this movement or else the bears are just waiting for a movement to make a comeback. The ones who are willing to enter the market should wait for the market to make a directional move.

The current price for one IOTA coin is trading at $0.33 which is at a gain of 3.77% in its market capitalization in the last 24 hrs. The coin has a trading volume of 21 million which is currently at a loss of 8.53% which should be a major concern for the bulls now. The market cap is of 924 million. The volume market ratio is 0.02316.

What do IOTA’s technical indicators suggest?

The EMA of 20 and 50 days is about to give a positive cross over the daily price chart, which is good news for the investors.

While we look at the MACD indicator we can observe the buyers line is moving above the sellers signal line signifying the bullish dominance over the coin, along with this the histograms are growing green. The relative strength index is climbing and is about to approach the over bough. The RSI value for IOTA is above 60.

Conclusion

The IOTA price is trading at an uptrend movement after moving on a sideways  trend for a long time over the daily price chart.The major dominator BTC has started rallying bullish so the bulls are taking over the dominance easily. The bulls need to be consistent to support this movement. The technical indicators indicate and support a bullish movement over the daily and hourly price chart. But as the movement is not directional investors can wait for a proper direction.

Technical levels

Resistance levels: $0.36 and $0.38

Support levels: $0.30 and $0.26

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


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