Coin Price Analysis: IOTA Forms A Morning Star Pattern Near 50 EMA For Support
- IOTA faced a short-term down move after creating a new 52 week high of $2.68.
- IOTA found a support level near 50 EMA and $1.55 level.
IOTA coin price fell after creating a new 52-week high of $2.68 and is now rising again with the support from 50 EMA, just like many other coins; currently, it is holding above 50 in the daily timeframe.
The buying volume over the daily chart is also good but declining. 50 EMA support level was accompanied by a $1.55 level which helped push the price up.
The live IOTA price today is $2.22, with a 24-hour trading volume of $297,328,414. IOTA is up 17.70% in the last 24 hours. The live market capitalization of the coin is $6,171,227,919.
Double bottom with morning star might lead to BULL RUN
Source – tradingview
IOTA had made a recent double bottom pattern in the 4-hour timeframe after a 35% downtrend within a week. IOTA coin price has given a breakout of this pattern recently. A short-term pullback is expected to give a retest for the breakout. The coin price has increased 17.70% in the last 24 hours. The $1.55 support level has pushed the price back up; however, an immediate resistance level is also close. The levels of $1.55 and $1.35 are the immediate support, whereas the immediate resistance level is $2.2
The price jump of 17% has resulted in price crossing over the 50 EMA(yellow) implying bullishness and in support of this theory, the 200 EMA(white) is below the 50 EMA.
The RSI (slightly bearish) indicates a tad bit of bearishness while trading at 55 and slowly heading towards the overbought zone.
The ADX indicates a slower momentum as it is trading at 31 and the slope in ADX is decreasing, implying a loss of momentum.
Conclusion – IOTA coin price has recently exhibited a breakout of a double bottom pattern suggesting the start of an uptrend. A short-term pullback is anticipated to give a retest. Loss of momentum along with the bearishness showcased by RSI might slow the bulls down, hence, early traders should enter only after retest confirmation.
Support- $1.55 and $1.35