Will Buyers Salvage IOTA Price?

After trading under the bear’s control for an extended period of time it appears that the bulls are making an attempt to salvage the price. The price recently broke its Symmetrical triangle near early May with a bearish engulfing candle. Though recently iota gained support from buyers near its current support level of $0.1700.

The price is currently making a bullish double-bottom pattern with a green engulfing candle. These both candlestick patterns are often observed before the making of a positive recovery. If the price gains buyers support from current levels it may see a surge of 10% or more.

IOTA’s price has a total market cap of 516.99M and its current Alt rank is 127th.

Sharp Appreciation in Total Social Engagement Rate

Investor sentiments are observing a sharp decline in the bullish sentiments regarding the IOTA token. This presents a contrasting view as the price action indicates that IOTA price may see a further increase in its value. The total bullish sentiment metric is seeing a decrease of 11.33%. Though despite this there is an exceedingly positive surge in the total engagement level of 541% according to the Lunar Crush platform.

Iota Network is an open-source distributed ledger and cryptocurrency that has been designed for the Internet of Things. It uses a directed acyclic graph for storing the transaction on its ledger. It was initially released on 11 July 2016. MIOTA is the token that is used to facilitate transactions on the Iota Network and reward the network participants.

Technical Analysis (On 1 Day Time frame)

Presently, the price is making a bullish double-bottom pattern near the support zone. The IOTA price is trading below all the major 20,50,100,200 EMA levels.

The RSI line is reaching the median line after taking a retest from the 14 SMA. The current RSI value is 47.08 points while the 14 SMA is trading just below it at 36.99 points.

The Stochastic RSI is already moving near the overbought level. The %K line indicates that it may soon take a bearish reversal making a double top pattern, current value of the Stochastic RSI is 80.38 points.

Conclusion

As of now, according to the analysis, IOTA’s price is making an attempt to break out of the bear’s hold. The price is making a double-bottom pattern near the demand zone and it may soon breach the neckline of it.

Technical levels –

Support – $0.1700

Resistance – $0.2000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.