MIOTA Price Rechallenges The Crucial Resistance Of $1.6

The IOTA coin has been wavering in range for more than three months. After its recent bullish reversal from $1 support, the price has again approached the $1.6 resistance with the hope of a bullish breakout and a new rally.

IOTA Key technical points 

• The MIOTA coin price jumps above the 50-and-200-day EMA
• The intraday trading volume in the MIOTA coin is $294 Million, indicating 94.5% gain.

Source- Tradingview

The last time we covered an article on IOTA, the pair resonated in a daily-symmetrical triangle pattern. The coin gave an upside breakout from the descending trendline, hinting at an excellent bullish opportunity for traders.

However, the price could never overcome the $1.6 resistance, and intense selling pressure in the market dropped the price back to the bottom support of the $1 mark. The price acquired strong support from this level and completing a triple bottom pattern the rallied to the above level of $16

The sideways rally in MIOTA price has flattened the crucial EMAs level. However, as for now, the price is above the 50 and 200 EMA, indicating the bullish trend.

A significant recovery in the Relative Strength Index(64) supports the bullish sentiment in this coin.

MIOTA Coin Trapped In A Definite Range

Source- MIOTA/USD chart by Tradingview

The technical chart of the IOTA coin shows round bound movement in its price. This pair has been wobbling between the $1.6 and $1 mark for quite a while now. The crypto traders can expect a good rally in this coin once its breaches from either level of this range.

The coin is currently aiming to retest the resistance zone at $1.6. The long position seekers should wait for a breakout before entering the market. On a contrary note, rejection from the overhead resistance could plummet the price back to $1 support.

The important levels for the coin on the upside are at $1.6, followed by the $1.77. And, on the lower side, the support levels are at $1.21 and $1.

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.