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Cryptoknowmics 2022-03-08 08:27:03

IOTA Technical Analysis: Bulls on Backfoot With Prices Back at $0.70

IOTA coin price falls back at $0.70 support as sellers regain trend control at $0.81. Will buyers sustain the $0.70 stronghold, or is fallout imminent? Key technical points: IOTA coin price hints of a morning star pattern The MACD and signal lines merge, indicating a neutral signal. The 24-hour trading volume in the IOTA is $30 Million, marking a 22% rise. Past Performance of IOTA IOTA prices fell below the $0.81 resistance level resulting in a 15% fall last week. The downtrend closes below the support level, indicating a free fall to $0.55 in upcoming sessions. The Doji formation hints at a morning star pattern creation, which is still plausible. Source-Tradingview IOTA Technical Analysis The IOTA price shows a double-edged position as it hinges at the $0.70 support level, which may give a quick release of momentum. However, the possibility of a morning star increases the chances of a bullish entry opportunity. The crucial EMAs maintain a bearish alignment as the altcoin continues under the highly influential resistance trendline. Moreover, the dynamic resistance provided by the 50-day EMA keeps the bullish growth in check. RSI Indicator: The RSI slope keeps a sideways movement as it moves along with the 14-day average line. Moreover, the RSI slope shows a bullish divergence in the last two dips at the support level. Hence, the chances of a reversal rise. MACD Indicator: The MACD histograms show a falling trend as the fast an...

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