- The medium-term is in a bullish trend while the short-term outlook is in a range-bound market.
- Responsible buying may be considered.
MIOTA/USD Medium-term Trend: Bullish
Supply zone: $0.6000, $0.7000, $0.8000
Demand zone: $0.1000 $0.0800, $0.0600
IOTA is back in a bullish trend in the medium-term outlook. The bearish exhaustion before the end of yesterday at $0.3750 in the demand area closed with the formation of a doji. This was a strong indication of a trend reversal.
The bulls made a gradual return as price rose to $0.3502. Increased in bullish momentum pushed the coin up initially at $0.3567 with an engulfing candle and later at $0.3635 breaking the résistance at the 10-EMA.
The stochastic oscillator signal points up at 43% an indication of upward momentum in the medium term and price is above the 10-EMA.
The bulls target is the upperline of the channel at $0.3800 in the supply area. This area is key with resistance from the 50-EMA. A breakout at this may result in MIOTA price going to the moon.
MIOTA/USD Short-term Trend- Ranging
The bears kept the pressure strong on the cryptocurrency with each day with new low as yesterday session ended on a bearish note at $0.3268 in the demand area. The brief momentum loss by the bear was informed by the tweezer bottom formed before the close of the market yesterday.
The bulls sustained the momentum as the market opens today at $0.3417. The cryptocurrency rose to $0.3635 in the supply area but lacked the pressure for an upward price continuation hence the ranging scenario of the market.
$0.3700 is the upper supply area of the range while $0.3300 is the lower demand area of the range. Traders should be patient and wait for price breakout or breakdown with a retest before taking a position.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research