- IOTA price has been trading inside a descending triangle pattern over the daily price chart.
- MIOTA crypto has recovered above 20 and 50 EMA and now prepares for 100 and 200-days Daily Moving Average.
- The pair of MIOTA/BTC is at 0.00001449 BTC with an intraday gain of 3.65%.
IOTA price has been declining through a descending triangle pattern over the daily price chart. The token must escape the falling pattern to avoid declining more over the daily price chart. MIOTA coin is trading at the verge of the descending triangle pattern and it must sustain to register the breakout. However, bears may try to interrupt the token’s uptrend momentum and try for a pull back. MIOTA bulls must sustain at the current level as the token is currently in a crucial make-or-break situation. MIOTA investors need to wait until bulls sustain and register the token’s breakout from the falling pattern.
IOTA price is presently approximated at $0.337 and has gained 5.03% of its market capitalization in the last 24-hour period. Trading volume has increased by 9.12% in the intraday trading session. This indicates that bulls are trying to maintain the token’s uptrend momentum to let the MIOTA coin surge out of the descending triangle pattern. Volume to market cap ratio is 0.01558.
MIOTA coin price must sustain at the current level to register its breakout from the descending triangle pattern over the daily price chart. IOTA investors must wait until bulls accumulate themselves to push the token out of the falling pattern. Meanwhile, volume change must be increased as it is still below average. This forecast states that MIOTA bulls must accumulate themselves at a higher rate to avoid stucking in any kind of bearish trap.
A Blessing in Disguise for IOTA Investors
MIOTA coin price has been trading inside a descending triangle pattern since April 2022. At first the token has fallen significantly over the daily price chart and the token is finally trading towards its breakout and as soon as its recovery phase starts. Technical indicators suggest the uptrend momentum of MIOTA coin.
Relative Strength Index showcases the uptrend momentum of MIOTA coin. RSI is at 62 and is approaching the overbought territory. MACD exhibits the bullish momentum of the MIOTA coin. The MACD line is ahead of the signal line into the positive zone.
Conclusion
IOTA price has been declining through a descending triangle pattern over the daily price chart. The token must escape the falling pattern to avoid declining more over the daily price chart. MIOTA coin is trading at the verge of the descending triangle pattern and it must sustain to register the breakout. However, bears may try to interrupt the token’s uptrend momentum and try for a pull back. Meanwhile, volume change must be increased as it is still below average. Technical indicators suggest the uptrend momentum of MIOTA coin. The MACD line is ahead of the signal line into the positive zone.
Technical Levels
Support Levels: $0.30 and $0.25
Resistance Levels: $0.35 and $0.38
Disclaimer
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/08/05/iota-price-analysis-iota-in-a-make-or-break-situation-what-happens-next/