- IOTA price’s current market trend looks bullish after an occurrence of a sudden trend reversal
- The weekly performance of the token incremented by 8.9%, and its CMP is near its 24-hour high
- IOTA’s current bullish momentum may cease to exist according to the oscillators, as mentioned further in the article
Due to the uptrend, IOTA aims to recover its lost price from the last monthly period. The token’s current market price went up after the neutral bearish trend. The token’s market cap went above 3.57% in the last couple of hours. The 24-hour trading volume also saw a rise of 45.82% during the same interval. The volume to market cap ratio stands at 0.3713. The IOTA/ETH pair increased by 8.1% during the intraday session. The IOTA/BTC value went up by 7.65% during the same time frame.
The IOTA 4-hour chart explains the current bullish sentiment of IOTA and its climb in the short term. The trend lines show that the token will gradually continue its current climb. However, it is expected that IOTA may get in the distribution zone (refer to the rectangular region). The 50, 100 and 200 EMA lines are rallying under the current market price candlestick, with the 50 EMA running along the trend line while the 100 EMA about to cross the 200 EMA line.
Oscillators predict a long-term neutral trend for IOTA’s price action
The IOTA daily chart over a more extended period shows that the token may acquire neutrality after reaching the rectangular zone. Historically speaking, IOTA has been in such a situation before and stayed the same for quite a long time. Nonetheless, The MACD line is slightly running above the zero level while staying above the signal line. The RSI graph resides in the neutral zone but risks getting into the extreme upper zone.
Conclusion- IOTA to stay bullish during the intraday session. Hence, the CMP may give out good profits for those who day traded. However, the token’s long-term returns may not give great returns in a couple of quarters. Still, one may consider IOTA as a safe long-term investment.
Resistance- $1.816
Support- $0.921
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.