- After brief upsurge, IOTA/USD market has now entered a range moving format around $0.32 and $0.30 marks.
- Emergence of a top shadow candlestick could signify a decent return for the bears.
IOTA/USD Medium-term Trend: Ranging
- Resistance levels: $0.36, $0.38, $0.40
- Support levels: $0.28, 0.26, $0.24
Noticeably, there has been a slow steady increase in the market valuation of IOTA/USD as compared to the last trading level. In spite of that brief upsurge, the market has now entered a range moving format around $0.32 and $0.30 trade points.
All the indicators are located within the range spots, but the 50-day SMA and the Bollinger lower Band are seen joined together. The Stochastic Oscillators are seen slantingly bent across ranges 40 and 80 to point north-east direction.
The market may continue to keep its current range moving mode for a sizeable number of times. However, the range price movement is around the overbought zone consolidating, and in the medium-term run tends to lose momentum to bears.
IOTA/USD Short-term Trend: Bullish
In the short-term run, IOTA/USD market has been relatively increasing in its valuation. The crypto made an effort to slightly swing upward from around a low market point at $0.31 mark to briefly average past $0.32 point today.
Yesterday, the market was somewhat in a range. The Bollinger Upper Band has continued to stretch slowly along with the market action towards the north direction. The stochastic Oscillators are dipped into the overbought zone to consolidate within it.
In the short run, the bulls may soon lose out in strength while a top shadow candlestick has a higher probability to feature in this trade. At this point in time, traders are advised to be the lookout to allow this assumption play out prior to taking a market order.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Like what you read? Give us one like or share it to your friends