IOTA Outperforms But Meets 50 EMA Resistance Area

2018-11-12 19:34

There have been mixed performances in the cryptocurrency market today. The market leader Bitcoin has been trading flat while some altcoins appreciate and others record losses. IOTA, the thirteenth ranked cryptocurrency by market cap, has been one of the cryptocurrencies showing gains today.

The cryptocurrency has appreciated from around $0.485 to about $0.502 today but seems to be meeting some key resistance at the 50 EMA. The cryptocurrency has been trading under the 50 EMA since early June, and it is questionable whether it can overcome the 50 EMA at this point. It has tested the moving average numerous times.

It likely depends on the movements of the overall market from this point to determine whether IOTA can overcome the 50 EMA. With market leader Bitcoin currently trading flat today, there is no strong indication that it will overcome the resistance point today.

IOTA Daily Chart – Source: TradingView.com

The hourly chart for IOTA shows in closer detail the performance recorded today. A golden cross has just formed with the 50 EMA crossing the 200 EMA to the upside, but this is likely to have little impact given the daily 50 EMA resistance.

The rises today have been on significant volume. Price has since started to retrace, but with the drops being on far less volume, the price could be setting up for another run to test the daily 50 EMA. The MACD continues to diverge to the upside showing that the shorter-term momentum is with the buyers.

IOTA Hourly Chart – Source: TradingView.com Key Takeaways: IOTA one of the altcoin outperformers today but has met some resistance at the 50 EMA. Price has traded under the 50 EMA since early June. Golden cross has formed on the hourly but likely to have little impact. The volume on today’s rise is much larger than it had been for recent drops. Price could be setting up for a test of the daily 50 EMA. If an influx of buyers does not bring price above the 50 EMA, it likely depends on the movements of the overall market to determine whether price can overcome this key resistance point.

 

IOTA Outperforms But Meets 50 EMA Resistance Area was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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