IOTA/USD Medium-term Trend: Ranging Resistance levels: $0.28, $0.30, $0.32 Support levels: $0.22, 0.20, $0.18

Trading between MIOTA and the US dollar has since been witnessing sequential choppy price movements around $0,026 mark this week. Last week’s trading sessions saw a $0.28 high price value while the market touched the 50-day SMA from below.

Now, tightly below $0.26 mark, the pair has been hovering between the Bollinger Middle and Lower Bands until present. The 50-day SMA is located at the aforementioned spot a bit underneath the Bollinger Upper Band. The Stochastic Oscillators have slantingly bent southward and closed hairs closer to range 20.

$0.26 and $0.24 marks have appeared to be the real range zones of the market presently. In that wise, traders may now brace up and wait for a strong bearish reversal to ensue before considering a buy entry of the market.

There was basically a series of price decline in the IOTA/USD market yesterday. The pair started falling around $0.265 high point to eventually touch $0.252 mark slightly below the Bollinger Lower Band.

Today, the market has been slightly more of Shorty ups than downs around the Bollinger Middle Band’s trend line. Whilst all the indicators are located within the $0.26 and $0.25 marks, the 50-day SMA is closely located below the Bollinger Upper Band. The Stochastic Oscillators have crossed at range 60 to suggest the possibility of price downward movement.

It seemingly appears that bear is still much around the market corner as long as the 50-day SMA indicator is not broken northward. A trader has to look out for a decent entry point to carry out their position execution.

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

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