IOTA Price bullish mode gives a positive sign

IOTA Price bullish mode gives a positive sign

On intraday counters, IOTA/USD pair begun the session trading at $0.2483 and is currently at $0.2455 that approximate to 1.13% dip.  An attempt to trade past $0.2503 resistance level (R) was seen, but unfortunately, the strength of the bulls was not that strong. A sharp decline followed that rallied the price to an intraday low of $0.2388."IOTA Price bullish mode gives a positive sign"

IOTA Price bullish mode gives a positive sign

The pair’s price, later on, took a break to consolidate below $0.2411 support level (S) for about 11hrs before gaining some momentum to the current price at $0.2455.  Afterward, the upward sloping RSI indicator and the moving averages that are twisting from a bearish mode to a bullish mode give a positive sign.

The ability of the price to bounce off the support level $0.2411 shows an increase in demand of higher levels, and thereby a continuous upside move is entirely possible.  Therefore, there is a recommendation for a long position since buyers are in control. New targets should be stood at $0.2500 and 0.2520.

IOTA developers team announced a collaboration with the United Kingdom's largest car manufacturer company, Jaguar Land Rover, and ENGIE Lab CRIGEN, the corporate Research & Development center for Engie Group, to demonstrate a proof-of-concept for tracing car energy with distributed ledger technology. This is a fundamentally positive sign, but let’s see what the chart projects.

The price bounce in the IOTA/USD pair last week did not reach $ 0.28, hence, iota price did not trigger our buy recommended in the previous analysis. The failure to sustain a price bounce off strong support is a negative sign and suggests a lack of demand at higher levels. The pair can now dip to the yearly low at $0.207622. If this support level also fails to hold, the drop can extend to $0.14. The IOTA downsloping strength moving average and RSI in negative territory suggests that bears are in command.

However, if  IOTA price bulls defend the $0.244553–$0.207622 support level, the cryptocurrency might remain range-bound and move up to $0.541 in the medium-term. Buying at the support level of a large range offers an attractive risk-to-reward ratio. Therefore, at present, we will watch the IOTA price action for the next couple of weeks and suggest a long position if we find that buyers are back in command.

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