IOTA Price Analysis – April 29
IOTA Break Up The 100-day MA, Will Price Hold Above it?
Published on Monday April 29, 2019
IOTA/USD Medium-term Trend: Bearish
Supply levels: $0.34, $0.38
Demand levels: $0.26, $0.22
From a structural perspective, IOTA appeared on a bearish as the price movement obeys a descending channel. After the April 11 low break on the 100-day moving average (white line), the price action has remained below the line. As it appeared, the trade volatility is low. On April 26, IOTA was rejected after an attempt to break down the channel.
Today, IOTA is above the white line after yesterday surge in volatility which breaks the upper channel. If the price holds above the white line, an uptrend may be experienced. The keys targets are $.034 and $0.38 supply levels. The 4-hours MACD is revealed above the zero level. However, the nearest demands are $0.26 and $0.22 levels.
IOTA/USD Short-term Trend: Bullish
Looking at the hourly chart, IOTA saw a significant bullish break on both the 100-day moving average (white line) and the red descending line to the high of $0.34 before dropping. Approaching the breakout level, the market is likely to witness a bounce up after testing the $0.28 demand level.
Breaking the demand level, IOTA may resume an upward move to retest $0.34 supply level and above. The bigger picture is revealed on the hourly MACD as the market now positions above the zero level. This suggests that the IOTA market is bullish on a short-term trend. below the $0.28 lies $0.26 and beyond.