- The 20-day EMA provided strong dynamic support to IOST price
- The IOST/BTC pair was trading at 0.000001615 BTC with a gain of 3.17%
- The 24 hr trading volume in IOST is $841.5 Million
The IOST coin brings an excellent opportunity for crypto investors with the formation of a Cup and Handle pattern in the daily frame. This pattern has a $0.8 neckline as its key resistance, and the price is trading just below this at the $0.76 mark. Thus, the crypto traders should wait for the price to provide a decisive breakout from the overhead resistance before entering the coin market.
The IOST coin’s price is trading higher than the EMAs 20, 50, 100, and 200, indicating a bullish trend. Moreover, the 20 EMA is providing strong dynamic support to the coin’s price.
The RSI value(BULLISH) stands at 67, indicating a bullish sentiment about the price movement. However, Crypto Investors might notice a slight bearish divergence in price action, suggesting weakness in the bullish rally.
Is The $0.1 Mark A Possible Resistance For IOST Coin?
The IOST coin is close to its ATH of $0.8, and therefore the technical chart does not have any proven resistance levels above it. However, there are still ways to find new resistance levels for coins reaching new ATHs using Round number psychology. This theory holds that Round numbers such as 1, 5, 10, 100, and so on are crucial for technical charts. These levels attract several traders, making them a valid SR to take trading decisions. Although this theory is psychological, it has a solid track record.
After giving a bullish crossover, the MACD indicator crossed above the neutral, indicating a bullish sentiment for the coin price.
Conclusion: Technically, the IOST coin is bullish in its price action and indicator, making it a favorable situation for trend traders seeking long entry opportunities in crypto markets. As mentioned, the coin price also shows a Cup-and-handle pattern, and once the price provides a proper breakout from its neckline, the Crypto traders can expect a nearest target till the $0.1 mark.
Support– $0.065
Resistance– $0.08