Author Topic: IOTA trading: IOTA Trends in a Falling Channel, Will Price Break Up?  (Read 303 times)

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IOTA Price Analysis April 21

With the current market condition, this cryptocurrency may reverse the trend after reaching a solid support level which may be followed by a break-up.  If otherwise, the market could further trend in a channel.  As of the time of writing, IOTA is down by 3% with a market cap valuation of $846 million.

IOTA/USD Market

Key Levels:

Resistance levels: $0. 33, $0. 36
Support levels: $0. 28, $0. 27

After the April 2 shock-wave, IOTA trading has been following a bearish sentiment.  Meanwhile, the sellers have been gaining control ever since.  The bearish reverse move is revealed on the 4-hours RSI.  For the past seven days now, the price action has been moving between the range of $0. 32 and $0. 3 price levels.

While consolidating, IOTAUSD market is currently indecisive.  A surge in volatility is likely to play out.  Still respecting a falling channel, a bearish surge could slump price to $0. 28 support level and below.  On the other hand, a bullish surge is likely to meet resistance levels at $0. 33 and above.

However, a significant break above the channel could set price on an upward movement.  Looking at the RSI, it appeared a slow rise is converging.

IOTA/BTC Market
As appeared on the medium-term perspective, IOTABTC value has significantly dropped; losing about twenty percent in the past three weeks of trading.  Selling pressure is dramatically approaching 5400 SAT support.

Following a bearish sentiment, the cryptocurrency has remained within the range of a channel trend.  On the 4-hours RSI indicator, the slope move is revealed below the 50 level after the sharp fall in early April.  A cross above the 50 level could lead to a bullish move.  If such a scenario occurs, the potential resistance level to look for is 6180 SAT and above.

Maintaining a trend between the ranges of the channel could further position the market in a bearish scenario.  As of now, the 50 level of the RSI remains a defensive line for the bears.

 
Please note: insidebitcoins. com is not a financial advisor.  Do your own research before investing your funds in any financial asset or presented product or event.  We are not responsible for your investing results.


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