HomeTradingIOTA Technical Analysis – Will Triangle Support Give Way?

IOTA Technical Analysis – Will Triangle Support Give Way?

Date:

Related stories

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...

Solana (SOL) Price Analysis: Dips Attractive Near $135

Solana price started a downside correction from the...

Bitcoin Price Analysis: BTC Could Rally Unless This Support Gives Way

Bitcoin price started a downside correction from the...
spot_imgspot_img

IOTA is currently testing the bottom of its symmetrical triangle and looks ready for a break below support. Technical indicators are looking mixed, though, as moving averages are pointing to bearish momentum while oscillators look ready to turn higher.

The 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, support is more likely to break than to hold or resistance is more likely to hold than to break. The moving averages also seem to have held as dynamic resistance levels and IOTA is trading below them to confirm bearish momentum.

A break below the triangle bottom around 0.9700 could lead to a drop that’s the same height as the chart pattern, which spans 0.9000 to 1.2500. However, RSI is starting to pull up after reaching oversold levels, which means that buyers could take over while sellers take a break.

Similarly stochastic is pulling up from oversold territory so IOTA could follow suit. This might be enough to take price up to the triangle top around 1.1000. A break past this resistance could spur a rally that’s the same height as the triangle formation.

There haven’t been much updates for cryptocurrencies to draw support from so far this week, though, and last week’s SEC decision on bitcoin ETFs didn’t turn out in their favor… at least not yet. The regulator decided to delay their decision on a handful of the applications to give more time to receive feedback while denying the one from the Winklevoss twins again.

Meanwhile, the dollar continues to gain traction thanks to solid growth expectations and hawkish FOMC forecasts. The July jobs report is also due this week and strong results could bring in more dollar gains versus IOTA. On the flip side, weak results could give this pair the bounce it needs.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img