IOTA/USD Medium-term Trend: Ranging

Resistance levels: $0.26, $0.30, $0.34
Support levels: $0.20, 0.16, $0.11

The market valuation of IOTA/USD witnessed a definite increase up to the price point of touching a resistance at around $0.023 mark yesterday. Towards the end of the trading sessions yesterday as well, the crypto started slightly reversing at that market level.

Today, the crypto-market has been moving in a range mode around $0.23 and $0.22 price levels. Price has now been trading around the 50-day SMA’s trend-line. The Bollinger Middle Band is located a bit below the 50-day SMA. The Stochastic Oscillators have slightly conjoined below range 75. That suggests that a kind of price consolidation movement is on-going.

It now appears that bears are somewhat getting prepared to stage a come-back as the crypto has hit a resistance below $0.24 level.

About two days back, a spike occurred in the IOTA/USD price valuation and that eventually led the crypto to test $0.235 mark yesterday. The US dollar market, later on, gained the market driving force advantage at the expense of IOTA’s inability to push the price line northward further.

Just as in the case of the medium-term run, $0.23 and $0.22 are the range zones depicted in the short-term chart also. The Bollinger Lower Band and the 50-day SMA have conjoined at the lower range zone. The Stochastic Oscillators have crossed to point south at range 40.

Indicators have had it that the current range zones are most likely to be broken southward to signify bearish market resumption.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute inancial advice. Always do your own research.

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