IOT/USD Long-term Trend -bullish

Supply zone: $0.5000, $0.6000, $0.7000
Demand zone: $0.1000 $0.0800, $0.0600

IOTA returns to a bullish trend in the long-term outlook. The bullish gradual returned in last week analysis turned out to be a major trend reversal with a breakout at the 10-EMA on 17th December. $0.2732 in the supply area was the cryptocurrency high after the breakout from the 10-EMA.

The bullish pressure was sustained within the week with a major breakout at the second EMA on 20th December with a large bullish engulfing candle as MIOTAUSD rose to $0.3652 in the supply area. The cryptocurrency high of the week was $0.3711 attained on 21st December.

Price is above the two EMAs as the bulls continued their move to the north. The stochastic oscillator is in the overbought region and its signal points up at 82%. This suggests a momentum to the upside which is further confirmed by the formation of a bullish railroad on 22nd December.

$0.5000 in the supply area may be retested by the bulls in the long-term.

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

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