- The IOTA coin price trying to sustain above the 20-day EMA
- The IOTA/BTC pair trades at 0.00002015 BTC with a gain of 0.15%
- The 24-hour volume for IOTA coins is $58.1 Million
As mentioned in my previous article on MIOTA, on November 5th, the IOTA coin price was trying to sustain below the horizontal support level of $1.8 mark. However, the 20 and 50 provided sufficient support to the price and bears had to retest the overhead resistance before passing down from these EMA support lines.
Concerning the EMAs; The IOTA price is trading higher than the crucial EMAs of 100, and 200, indicating an uptrend in this coin. Moreover, the price is also obtaining strong support from the 200 EMA line.
The RSI value is at 45, indicating a bearish sentiment within the IOTA coin.
The IOTA Coin In The 4-hour Time Frame Chart.
The IOTA coin shows the formation of a symmetrical triangle pattern in the daily time frame chart. This pattern provides a strong directional movement to trade once the price gives a proper breakout from its converging trendlines. The current price of the IOTA coin is $1.29, with an intraday gain of 0.55%.
As per the traditional pivot levels, the nearest resistance for the IOTA price is $1.37, followed by $1.46. And for the opposite side, the nearest support of $1.2, followed by $1.16.3.
The MACD indicator shows the MACD and signal lines are moving below at the neutral zone (0.00), indicating the bearish sentiment in the coin. However, the consolidation period for this price pattern has caused multiple crossings in these indicators, which could mislead the traders.
Conclusion: From a technical perspective, the IOTA coin remains under a short-term downtrend. However, as mentioned, the coin price revealed an excellent chart pattern that can help the coin initiate a new trend and also provide a good entry opportunity for crypto traders.
Support $1.2
Resistance $1.37