IOTA/USD Medium-term Trend: Ranging

Resistance level: $0.54, $0.56, $0.58
Support levels: $0.44, 0.42, $0.40

Last week, between October 29 and 31, IOTA fell southwards from around $0.48 market line to average the current immediate $0.44 support level. The crypto, later on, got harden as the $0.44 level was not broken southward in the process and the market eventually forced its movements northwards by featuring lower highs against the US dollar market worth.

Yesterday, the market rose steadily from around $0.47 to around $0.53. Today, as at the time of writing, the crypto-market now appears moving in a ranging style around the $0.50 price level and the upper Bollinger Band. The 50-day SMA is a bit above the lower Bollinger Band. The Stochastic Oscillators have clocked up around range 75. That could mean that the market would soon be witnessing more ranging price movements. There now seems that market will still need to experience a number of corrections downward the market line to potentially resurface a bullish trend.

IOTA was able to push northward significantly against the US dollar yesterday. During trading sessions in the short-term run, most of the indicators were broken northwards as the upper Bollinger Band stretched along with the market force to slightly touch past the $0.51 resistance area.

Today, price has been traded within and around the $0.51 and $0.50 price levels until present. The 50-day SMA is located underneath the Bollinger Bands. The Stochastic Oscillators have headed towards range 25 to seemingly start a consolidation movement around it. Traders are enjoined to watch out for a strong reversal against the $0.49 price level to launch a long entry and, they should be wary of the $0.51 market level.

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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