MIOTA Price Analysis: IOTA Token Price Sustains Above The $1 Mark

  • IOTA token price continues to rise in a converging channel.
  • The 24-hour trading volume is at $2.32 million.
  • The IOTA/BTC token pair trades with a rise of 3.56% at 0.00002323 BTC.

The daily technical chart of the IOTA token projects a bullish trend as it continues to form bullish candlesticks above the 20-day EMA within the rising converging channel. 

The rising significant 20/50/100/200 EMAs in the daily chart can be a reliable support for a bearish reversal. However, the token price is above the 200-EMA, confirming an uptrend trend in play IOTA.

The volume of (2.32M) is below the 20-days MA (3.15), projecting a decline in buying pressure for IOTA. However, the fall in volume coincides with the recent retracement back to the supporting trendline, increasing the chances of a bullish breakout.

The IOTA Token is currently trading at $1.13. With a +2.96% market cap gain within the past 24hrs, projecting an inclining growth rate as the price approaches the resistance.

The intraday trading volume of IOTA has grown by 18% in the past 24-hours, indicating a surge of interest among investors speculating a bullish rally.

A Giant Round Bottom In IOTA Token Price Chart

The IOTA coin shows a giant rounding bottom pattern forming in the weekly timeframe. It seems to carry the price closer to the resistance level of $2.23. BAT traders can use this pattern to find some great entry opportunities in this uptrend whenever the price dips to the support.

Relative Strength Index indicator (bullish) indicates bullish momentum left in IOTA once the slope RSI rises higher in the neutral zone.

ADX indicator represents that the slope is falling, implying a fall in trend momentum.

Overall, the trend continues strengthening, and the underlying bullishness is rising, according to the ADX & RSI.

Conclusion: IOTA token price has been trending higher in an uptrend despite the recent dip in the price. Token prices may shortly give the breakout of the converging channel in the daily that can price an excellent entry point with a significant risk to reward ratio.

SUPPORT LEVEL – $0.89 and $0.70

RESISTANCE LEVEL – $1.3 and $1.6

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