IOTA/USD Medium-term Trend: Ranging

Resistance levels: $0.35, $0.40, $0.45
Support levels: $0.20, 0.15, $0.10

There have range movements in the IOTA/USD market valuation this week until present. Both the middle and the lower Bollinger Bands are equally found around the $0.30 and the $0.25 marks within which the range movements have been coming on in the market.

The market has been on hovering below the middle Bollinger Band at around $0.27 price point. The 50-day SMA is located a bit below the upper Bollinger Band. The stochastic Oscillators are attempting to close at range 40 and could either lead to a consolidation move or to point south direction.

That depicts that more downward market move could still be expected in the next trading sessions, but a strong correction of such price move especially at against the $0.25 low mark may eventually produce a start for a potential bullish trend.

In the short-term as well this week, the IOTA has being traded against the US dollar valuation has been experiencing lower lows and lower highs within closer two different range spots of the $0.30 and the $0.28, and the $0.28 and the $0.26 respectively. Yesterday, the crypto witnessed significant lower highs within the first range spot.

Today, the second range spot has been within which the range movements have been featuring. The upper Bollinger Band and the 50-day SMA are both located around the upper range point as the middle and lower Bollinger Bands are within the range boundaries. The Stochastic Oscillators have crossed at range 80 to point south, and they have moved briefly past range 60.

That simply means that the market line still lacks an upward catalyst to suggest a bullish move soon.

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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