![]() IOTA/BTC – LONG TERM – DAILY CHARTįrom the long-term perspective, we can see that IOTA has also been continuously falling against BTC over the course of the year. Let us continue to analyze price action for IOTA/BTC over the long term and gather an overview of the market. If the RSI can continue to rise and break above the 50 handle, we could expect IOTA/USD to make a recovery. However, we can see that it has began to turn upwards which could be a sign that the bearish momentum is. The RSI is trading within oversold conditions at this current moment in time. ![]() The 100-day moving average is currently resting at the $0.60 handle which adds further to the expected resistance in this area. If the buyers continue to climb above the $0.45 handle, then we can expect further resistance above to be located at the $0.50 handle, followed by the $0.60 handle. If the bullish pressure continues to push the market higher, then more resistance above can be located at the previous short-term downside 1.414 Fibonacci Extension level (drawn in red) priced at $0.37, followed by the downside 1.272 Fibonacci Extension level (drawn in light purple) priced at $0.4268. On the other hand, in our bullish scenario, if the bulls can maintain price action above the $0.30 support handle and push IOTA/USD higher, we can expect initial resistance to be located at the November 2017 low priced at $0.3304. If the bearish momentum continues to penetrate below $0.20, we can expect further support at the long-term downside 1.414 Fibonacci Extension level (drawn in light purple) priced at $0.1852, followed by the short-term downside 1.414 Fibonacci Extension level (drawn in blue) priced at $0.1700. Moving forward, if the sellers continue with their aggressive pressure and push IOTA/USD below the support at $0.30, we can expect immediate support below to be located at the $0.25 handle, followed by the short-term downside 1.272 Fibonacci Extension level (drawn in blue) priced at $0.2057. The $0.30 handle also provides psychological round number support, further increasing the strength of the expected support here. This price level is supported by a short-term and long-term downside 1.618 Fibonacci Extension level (drawn in purple and red) priced at $0.30.Īs IOTA/USD approached this level of combined support, we can see that the downtrend has found a brief area of refuge from the bearish onslaught. It recently reached a heavily supported area around the $0.30 handle. Taking a look at the market over the past few months, we can see that price action had fallen from a high above $0.50 on November 13. Let us continue to analyze price action a little closer over the shorter term and highlight any potential areas of support and resistance. We can also notice that the market has recently dipped below the price low for November 2017, as the market breaks below the $0.3304 handle. IOTA Price Analysis IOTA/USD – LONG TERM – DAILY CHARTĪnalzsing price action from the long-term perspective above, we can see that the year has been difficult for IOTA/USD as the market has continued to decline consistently throughout trading in 2018. Let us continue to asses IOTA/USD over the long term and gain an insight over the market behavior. IOTA has undergone a 35% capitulation over the past 30 trading days as the 17-month old project now trades at a value that is 93% lower than the all-time high value. IOTA is now ranked in 13th position in terms of overall market cap, with a current market cap of $887 million. During the week, IOTA suffered a 29% price decline, bringing the value of the cryptocurrency down to $0.3195. This comes after a harsh week for cryptocurrencies in general. ![]() IOTA has seen a small 2.31% price drop over the past 24 hours of trading as the cryptocurrency continues to create fresh yearly lows.
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