- IOTA token price action shows a bullish breakout of the $1.20 mark.
- The IOTA/BTC pair trades at 0.00002672 BTC with a rise of 10%.
- The 24 -hours volume of the token is $181 Million, indicating a 185% rise.
The IOTA token price rose more than 10% in the past 24 hours. Thus, resulting in the bullish breakout of the $1.20 horizontal level in the 4-hour chart. Moreover, the price retests the horizontal level in the 4-hour chart providing an excellent entry spot.
Additionally, the EMAs showcase temporary bearish alignment as the price reaches higher than all the crucial EMAs in the 4-hour chart. Moreover, the rising EMAs can shortly a bullish crossover.
Furthermore, the price action of IOTA tokens has shown a rise in underlying bullishness and the pivot point suggests resistance levels around the $1.45 and $1.63 mark, if the price exhibits bullish pressure. Additionally, on the reverse side the support line is located at $1.20 as well as at the the $1 mark.
At the time of writing this analysis, it is around $1.30.
Will The IOTA Token Price Breach The $1.5 Mark?
As we’ve already discussed, it appears that the IOTA token is increasing the chances of a bullish continuation trend and the price action shows multiple candles with lower price rejection. Therefore, it is evident that the bulls are in total control of the trend.
The RSI indicator is a sign of an increase in the underlying bullishness as the slope cruises to the 73% mark and reaches the overbought zone.
Furthermore, the MACD as well as the signal line of the Moving Average convergence divergence indicators are both moving higher than the neutral zone (0.00) which indicates that the token is experiencing bullish momentum.
Conclusion: From a technical perspective, the IOTA token indicates increased trend momentum. However, the lower price rejection in the daily chart increases the chances for a uptrend continuation to the 65 mark.
Support – $1.20 and $1
Resistance – $1.45 and $1.65
DIIOTALAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.