IOTA/USD Medium-term Trend: Ranging

Resistance Levels: $0.60, $0.62, $0.64
Support Levels: $0.56, 0.55, $0.54

IOTA had initially made a bullish appearance but shortly after a few hours, it was grabbed by bears’ presence that pushed the market value southwards briefly past both the middle Bollinger Band and the 50-day SMA yesterday.

A couple of hours after then, the crypto visibly resumed featuring of lower highs along with the middle Bollinger Band. And, that eventually has given in a short spike that got the IOTA/USD pushed northwards to touch the upper Bollinger Band at around $0.57 price level today. Price has now been ranging around the level. The Stochastic Oscillators have penetrated briefly into the overbought region. Some lower highs may still be experienced in the next few trading hours.

Yesterday, IOTA/USD seemingly maintained a ranging movement style during most of the trading sessions. The price levels of around $0.57 and $0.55 were noticed to be range-bound zone.

As at the trading commencement of today, the crypto was observed choppily moving for about two hours before a sudden spike emerged. As a result, the range-bound has been breached northwards past the upper price level. As at now, the crypto is facing a resistance at around the price level of $0.59. The Stochastic Oscillators have moved into the overbought region to consolidate within it. This shows that degrees of buying activities are still on in the market of this crypto. A break below the price level of $0.57 could lead the downwards retesting the yesterday low price point.

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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