- The IOTA coin price reclaims the 20-day EMA
- The IOTA/BTC pair trades at 0.00002696 BTC with a gain of 8.96%
- The 24 hr volume for IOTA coins is $234.8 Million
The IOTA coin has shown a remarkable recovery after its price bounced from the $1.02 support with the morning star pattern. The coin price is now continuing its rally and also provides a long opportunity for crypto traders, with a deceive breakout from the $1.4 resistance. However, these traders should wait for a candle closing above this level to confirm this breakout.
Regarding the EMAs; The IOTA price shows a strong bullish outlook as its price is trading higher than the crucial EMAs 20, 50, 100, and 200 EMA.
The RSI value is at 58, indicating a bullish sentiment in IOTA coins. In addition, the RSI line has shown an impressive recovery in its value, projecting the increasing strength of the market buyers.
The IOTA Coin Shows A Rounding Bottom Pattern.
The IOTA coin reveals another positive news for its trader, where its price is forming a rounding bottom pattern in the 4hr time frame. This pattern displays a clear shift of a downtrend to an uptrend and provides a box of new opportunities for its traders. The neckline for this pattern is located at the $1.75 mark.
Moreover, the IOTA coin can notice the remarkable confluence of the above chart’s SR level, with the traditional pivot level providing more confirmation for a significant resistance breakout.
The MACD indicator shows the MACD and signal lines are moving higher than the neutral zone (0.00), indicating the bullish sentiment in the coin.
Conclusion: From a technical perspective, the IOTA coin provides a strong positive outlook with its price action and indicators, suggesting the beginning of a new rally. Furthermore, the price has recently given breakout from the $1.45 mark, which can provide a good entry-level for the trader if the price sustains above it.
Support $1.45
Resistance $1.5