IOTA Price Analysis – August 10
The IOTA price is trading bullishly and a breakout above the channel may trigger a rapid increase.
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.72, $0.62, $0.52
The daily chart reveals that IOTA/USD has now resumed the bullish continuation as the buyers gain control of the market. The 4.67% surge in volatility has leveled up the trading price at around the $0.96 resistance level. The MIOTA price is seen trading above the 9-day and 21-day moving averages.
IOTA Price Analysis: Can MIOTA Price Keep the Uptrend?
According to the daily chart, the IOTA price has been increasing since July 21 and traders may see more climbs if the coin crosses above the upper boundary of the channel as the bulls are taking control of the market. On the downside, the 21-day moving average at $0.80 could provide support for a possible bearish retracement.
However, if the MIOTA price crosses below the moving averages, the coin may test the $0.72, $0.62, and $0.52 supports. As revealed on the Relative Strength Index (14), the signal line is crossing above 60-level and the current buying pressure is clearly revealed above this level. At the moment, we can say the MIOTA market is following a bullish scenario and the resistance levels are located at $1.20, $1.30, and $1.40.
IOTA/BTC Market: Price Moves at the Downside
Against Bitcoin, IOTA has been slowly grinding higher. After bottoming out around the 1950 SAT level on July 26, the price began to slowly ascend and it is currently trading around 2146 SAT. However, the MIOTA price is now preparing to move higher as we expect the bulls to hopefully push the market higher and the technical indicator Relative Strength Index (14) moves to cross 50-level upward.
Nevertheless, if the bulls break above the upper boundary of the channel, traders can expect initial resistance at 2200 SAT. Above this, higher resistance lies at 2400 SAT and above. In other words, if the sellers push the market below the 1900 SAT, traders may expect critical support at 1800 SAT and below.