2019-1-30 18:04 |
Long-Term Outlook IOTA Weekly Logarithmic Chart – Source: Tradingview.com
A look at the Weekly chart for IOTA in logarithmic form shows that price touched the resistance area at $0.18-$0.22 and immediately started an upward move to the next resistance area at $0.4-$0.43, which corresponds with the 7-period moving average.
Price is currently trading at $0.26 and is below the 7,21 period MAs and the Ichimoku cloud.
The RSI is at 37, indicating neither overbought nor oversold conditions while the MACD is moving upward with average strength.
Medium-Term Outlook IOTA 3-Day Chart – Source: Tradingview.comA look at the 3-day chart shows that price tried unsuccessfully to break through the resistance offered by the 7-period MA and is now currently trading below it and the 21-period MA.
However, there has been significant bullish divergence developing in the MACD since September 2018.
IOTA Daily Chart – Source: Tradingview.comA look at the Daily chart gives us more information about price movements over the past two months.
Price tried unsuccessfully to break the resistance from the Ichimoku cloud and after developing bearish divergence retraced all the way to the 0.786 fib line.
The RSI is at 32. The 7 and 21 period moving averages have made a bearish cross (yellow arrow), and the MACD is negative and falling.
However, the projected Ichimoku cloud is positive.
Short-Term Outlook and Price Prediction IOTA 12-Hour Chart – Source: Tradingview.comFinally, the 12-hour chart gives us a structure in which price is trading in. Price has been trading in a descending wedge (bullish pattern) since January 14th.
Price broke down from the support area at $0.29 on January 22nd and fell to the next support area at $0.25-$0.26 at the bottom of the wedge.
The $0.29 area now acts as resistance.
The RSI was at 25 for a short period and has now started to develop some bullish divergence.
IOTA Price Prediction:While it is possible that price lingers on at the bottom of the wedge for a short while, I believe that during this week price will breakout and hed for the resistance areas at $0.30, $0.32 and ultimately $0.4
Conclusions: Price is trading below the long-term moving averages. Price is trading in a descending wedge. Price is at the small support area of $0.25-$0.26. Latest IOTA News:IOTA Price Action: Doji Candle and Potential Bear Flag Forming
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DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.IOTA Price Prediction: Finally Arriving at the Breakout of the Wedge was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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