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IOTA/USD Medium-term Trend: Ranging
Resistance Level: $0.56, $0.58, $0.60
Support Levels: $0.46, 0.44, $0.42
IOTA/USD in the medium run saw its last price hike on October 18, while the price was averaging towards $0.54 price level. Before the day ran out, the crypto declined and got pushed southwards across the middle Bollinger Bands and the 50-day SMA’ s trend-line to touch the lower Bollinger Band around $0.50 price level.
On the following day, Oct. 19, the crypto has been basically ranging around $52 and $50 price levels. As at now, the 50-day SMA is a bit above the middle Bollinger Band as price action has been hovering below them. The $52 and $48 price levels could now be seen as an encompassment area of the current range. The Stochastic Oscillators have moved downwards to seemingly point to the south. A strong break of the $48 price level could lead the market line decline further to get through some of the support levels
IOTA/USD Short-term Trend: Bearish
Since the trading sessions yesterday, IOTA/USD market valuation has been falling. The market started the decline after making several unsuccessful attempts in its price movements around the $0.51 price level.
The market fell to the tune of around $0.496 or thereabouts before the end of the trading session. Today, the market has been pushed southward further to a $0.488 or thereabouts. Presently, the market price line has been traded around the lower Bollinger Band not too far from the current low market price point.
The 50-day SMA is located over the middle Bollinger Band but close to the upper Band. That signifies that the crypto has been under selling pressure. The Stochastic Oscillators have crossed a bit above range 20 to suggest bulls taking the pushing of the market. Should the market get further towards the $0.48 price level or a bit below, investors may consider joining the market.
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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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.