- IOTA/USD market has managed to push northwards out of ranges to now be on increase.
- The indicators of 50-day SMA and the Bollinger Middle Band would have to play vital roles in determining the invalidity of the current market’s upswing.
IOTA/USD Medium-term Trend: Bullish
- Resistance levels: $0.35, $0.4, $0.45
- Support levels: $0.2, 0.15, $0.1
IOTA market point has been on a slight increase against the valuation of the US dollar. The notable appreciation took effect in the market on April 28 after a line of range price movements.
In the recent past, the crypto-pair was seen moving in a range along the Bollinger Middle Band trending path to the east direction. Now, the market has taken an upturn motion as the Bollinger Upper Band has intercepted the 50-day SMA to the north. The stochastic Oscillators have dipped into the overbought zone.
The bulls have seemingly set a foundation in this crypto-market having able to come out of the range boundaries lately. However, its 50-day SMA indicator would play a vital role in determining the current upswing invalidation especially while it is broken downward forcefully.
IOTA/USD Short-term Trend: Bullish
As at the early trading hour of IOTA/USD market today, the pair experienced a notable upswing in its price movement. The pair started on a rising mote from a low mark around $0.27 a bit over both the Bollinger Middle Band and the 50-day SMA to average high market value at $0.35 point.
And, price has been trading around the said mark currently. The Bollinger Middle Band and the 50-day SMA are closely located a bit below $0.3 mark. The Stochastic Oscillators are now consolidating within the overbought zone to suggest that the bulls are still in control of the market to some extent.
The bulls may have to maintain their stance around the closely located indicators of the Bollinger Middle Band and the 50-day SMA trend-lines to launch a decent move in the IOTA/USD trade. A visible break down of them could cause a slight downturn of the market which may not go down past $0.20 level in the short run.
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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