IOTA/USD Medium-term Trend: Ranging

Resistance levels: $0.26, $0.30, $0.34
Support levels: $0.20, 0.16, $0.11

IOTA/USD market has been currently witnessing other range zones of between $0.36 and the $0.26 since the commencement of the trading sessions this week. The crypto strived to drive northbound a bit over the $0.22 lower range point towards averaging the 50-day SMA after briefly touching past the upper Bollinger Band on December 9 within the range.

Last week’s range was breached southwards to eventually touch past the current $0.22 range slightly on Dec.7. The 50-day SMA is located above the Bollinger Bands. Price has been fluctuating around the $0.24 mark. The Stochastic Oscillators have crossed to point south at range 60.

IOTA appears to still prone to the US dollar’s market driving force while the crypto has been severally rejected closely below the current upper range mark.

The quite notable range zones in the IOTA/USD market short-term run are $025 and $0.23 until present trading session this week. In the last couple of hours, the crypto has been hovering around the $0.24 within the well-defined range until now.

On December 8, a strong spike suddenly occurred a bit below $0.22 mark, and push northbound past all the trading indicators to test the $0.25 current upper range. Presently, the lower Bollinger Band and the 50-day SMA are conjoined a bit above the lower range. The Stochastic Oscillators have crossed to point north at range 40.

Entering of a long position could be a better choice on the part of a trader but a breaking of the 50-day SMA southward could invalidate such a decision in the short-run.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute inancial advice. Always do your own research.

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