IOTA/USD Medium-term Trend: Ranging
- Resistance levels: $0.32, $0.34, $0.36
- Support levels: $0.24, 0.22, $0.2
On February 7, the IOTA/USD market line began to sequentially rise northwards from around $0.24 low price level to average $0.30 mark. The last 4-hour candlestick formed on February 8, now marks a new range spot of this crypto-trade at around $0.28 mark.
The Bollinger Upper and Middle Bands are located around $0.30 and $0.28 price levels as the crypto’s range movements are being witnessed within them. The Bollinger Lower Band has touched the 50-day SMA from below at $0.26 mark. The Stochastic Oscillators are seemingly pointing south-east.
The bulls may still have to find decent support around its $0.28 current range spot to be able to break out the $0.30 resistance level.
IOTA/USD Short-term Trend: Ranging
Yesterday, the market valuation of IOTA/USD experienced a short upsurge against its $0.29 upper range mark. In the short run, the crypto pulled back into ranges $0.29 and $0.28.
Today, the crypto-market begins to feature a short notable bearish candlestick formed between the Bollinger Upper Band and the conjoint of Bollinger Middle Band and the 50-day SMA. Presently, price has continued to range very tightly along with the conjoint indicators around its lower range spot. The Stochastic Oscillators are seemingly consolidating around range 20.
It now probably appears that bulls are trying to find a new trading stance in the IOTA/USD market. That may not now be achieved especially if the consolidation movement keeps on an intense note.
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