By : COIN GABBAR
22 Sep 2022

IOTA PRICE ANALYSIS CMP-$0.2650: Will the bulls break through the channel line?

IOTA PRICE ANALYSIS

On the daily price chart, IOTA has been consolidating within the descending triangle pattern. 

The formation of a double bottom at the support trendline raises bullish chances.

The bearish breakout rally of the $0.35 support level in IOTA price action indicates the formation of a bearish channel. However, the formation of a double bottom near the support trendline raises bullish expectations. 

The IOTA price movement shows a post-retest reversal of the $0.35 breakthrough, which accounts for a 17% decrease last month. The 50-day EMA moves together with the resistance trendline on the technical chart, indicating more bearishness in the price trend.

The price trend is currently displaying a lateral move above the support trendline, indicating a likely bullish reversal. Furthermore, the price movement displays a double bottom pattern with a neckline around $0.26, indicating the start of a bull market.

Short-term traders should thus expect a long entry opportunity to ride the bull cycle within the falling channel. However, bullish breakout traders must wait for prices to close above the resistance trendline after beating the 50-day EMA.

If the buying pressure continues, the 12% bull cycle within the bearish channel might result in a breakout, extending the uptrend to a 50% increase to $0.37. If the buyers fail to restart the bull cycle, the downturn might continue to the bottom support at $0.22.

On the daily price chart, IOTA has been consolidating inside the descending triangle pattern. MIOTA coin is trading below the Daily Moving Averages of 20, 50, 100, and 200 days.

The IOTA price has been falling via a descending triangle pattern on the daily price chart. To avoid further collapse, the token's daily price chart must reverse its downward trend. To launch a breakthrough from the descending triangle formation, the price of the MIOTA currency must continue where it is trading. Bears, on the other hand, can try to stop the current trend and wait for a reversal. Given that MIOTA is now in a make-or-break situation, bulls must maintain their existing position. MIOTA investors must wait for the token to break out of its downtrend for bulls to hold their positions.

According to Price Analysis, The market capitalization of this IOTA is estimated to be $737,948,706. The 24-hour trading volume for the coin is around $$16,087,115. IOTA market capitalization has risen by 2.19%. However, trade volume decreased by 43.72 % during intrIOTAy trading. The market capitalization to volume ratio is 0.02182.

The first major barrier is at $0.2750. The next major hurdle is $0.2900. Any more gains might open the door for a move towards the $0.3100 barrier in the near term. Above $0.3100, IOTA may soon hit $0.3700 level.

If IOTA fails to break over the $0.2750 barrier level, it may continue to fall to $0.2500. On the downside, the initial support level is $0.2500. The next major support level is $0.2200. If the price falls below $0.2200, it might fall below $0.1800.

KEY LEVELS :

RESISTANCE LEVEL : $0.2750-$0.3000

SUPPORT LEVEL : $0.2500-$0.2200

What Happens Next for IOTA in a Make-or-Break Situation?

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