IOTA (MIOTA) Price Analysis: Currency is soaring higher

IOTA (MIOTA) Price Analysis: Currency is soaring higher

Supply level: $0.33, $0.35, $0.39

Demand level: $0.30, $0.28, $0.26

IOTA/USD Medium-term Trend: Bullish

IOTA/USD is on the bullish trend on the medium-term outlook. The cryptocurrency fell to the low of $0.21 under the pressure of the bears on December 7. Several attempts made by the bulls to push up the coin was rejected at the dynamic support and resistance level and the price was making several lower lows.

On December 17, IOTA made a change of direction at the turning point where the two EMAs crossed each other upside. The coin consolidated for few hours and a strong bullish candle broke out followed by several bullish candles which broke the formal supply levels of $0.26, $0.28, $0.30. As at present the coin is carrying out retracement.

IOTA is trading above 21-day EMA and 50-day EMA with the relative strength index period 14 at 80 levels pointing to the south which indicates sell signal, which may be a normal pullback on a trending market and the coin will continue its bullish movement. IOTA is already exposed to $0.33 supply level; the supply level of $0.33 may be reached should the bulls maintain its momentum.

IOTA/USD Short-term Trend: Bullish

IOTA is bullish on the short-term outlook. The bearish momentum was lost on the IOTA market shortly after the consolidation movement. IOTA was consolidating before it broke out to the north on December 17 by the aid of the bulls’ high momentum. The coin was pushed up making higher highs as the sign of an uptrend movement.

The two EMAs are fanned apart with the IOTA price above the 21-day EMA and 50-day EMA which connotes strong bullish trend. The relative strength index period 14 is at 70 levels pointing to the south indicates that IOTA may sell for a while before a further increase in price.

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