- The long-term outlook is in an uptrend.
- Retracement to the 38.2 fibs and the 10-EMA may occur before bullish continuation.
IOTA/USD Long-term Trend -Bullish
Supply zone: $0.6000, $0.7000, $0.8000
Demand zone: $0.1000 $0.0800, $0.0600
IOTA long-term outlook is in a bullish trend. The bears failed to break past the 10-EMA and the demand area at $0.3623 on 26th May and lost momentum. MIOTA was initially up at $0.5038. Increased bullish momentum pushed price up for a retest at the key supply area at $0.5748 on 30th May. The cryptocurrency was at this area on 15th October 2018, eight months ago.
Wicks formation at the key supply area was an indication of exhaustion of the bullish momentum and the bears’ presence hence the pullback.
The 38.2 fibs with the 10-EMA were a great support as the bulls returns for continuation in the long-term.
The market correction may push the cryptocurrency down to $0.4512 in the demand area before a move to $0.5748 in the supply area with more candles formed above the two EMAs in the new week.
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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