The MIOTA coin has been traveling in a sideways trend for two months now. In this consolidation, the price formed a symmetrical triangle pattern in the daily time frame chart. A recent news that added more popularity for IOTA was announcing the launch of a new incentivized staging network, ‘Shimmer.’
Key technical points:
- The MIOTA price gave a breakout from a symmetrical triangle pattern in the daily time frame chart
- The intraday trading volume in the MIOTA coin is $399 Million, indicating a 555.6% gain
Source- MIOTA/USD chart by Tradingview
After rejecting the $2 mark on September 5th, the MIOTA coin entered into a deep correction phase that plunged the price to the $1 mark. Since then, the coin has been consolidating within this range, which eventually revealed a symmetrical triangle pattern.
Trending Stories
The coin price resonated in this pattern for more than two months, when today it finally attempts a strong breakout from the overhead resistance trendline. As per the crucial EMAs, the MIOTA maintains its bullish trend by trading above the 200 EMA.
Moreover, The Relative Strength Index value at 58 indicates a bullish sentiment in the coin.
MIOTA/USD Chart In The 4-hour Time Frame
Source- MIOTA/USD chart by Tradingview
The MIOTA coin gave a 4-hour candle closing above the resistance trendline, supported by a massive surge in the volume activity. However, the higher price rejecting in this candle adds some concern about this breakout, and therefore, the crypto trader should ensure the coin price obtains sufficient support in its retest phase before taking a long entry.
As per the traditional pivot levels, the crypto trader can expect the nearest resistance level for this coin at $1.5, then at $1.67. And on the flip side, the support level is $1.13.
- Uniswap ($UNI) Surges 45% As Trading Fees Surpass Ethereum
- Ethereum Merge Delay? Developers Concerned Over Shadow Fork
- MINA Price Jumps By 20% Over This Announcement
- Bitcoin Mining Data Suggests More Price Dumps Ahead; Details
- This Bitcoin Bear Market Is Unlike Any Other, Here’s Why
- Here’s Why Shiba Inu Ecosystem Tokens’ Prices Are Shooting Up
- Goldman Sachs Likely to Raise $2 Billion To Acquire Celsius Assets, But Here’s the Catch
- Here’s Why SEC Chair Wants Single Rulebook For All Crypto Trading
- Huge Cardano Breakout Imminent After This Resistance Level?
- Shibarium To Launch Soon; How It Can Pump Shiba Inu Prices?
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3
- Solana Price Analysis: SOL Price Rallying North With Eyes On $59
- XRP Price Analysis: Trendline Reversal Could Dump XRP Back to $0.3
- AXS Price Analysis: Rising AXS Price Aims To Reclaim $17.6 Mark
- Polygon Price Analysis: Can Trendline Breakout Lead MATIC to $0.75?
- ArbiSmart Price Analysis: RBIS Retests Multi-month Support; Buy this Dip?
- Waves Price Analysis: Emerging Pattern Threatens to Break $4.16 Support
- Apecoin Price Analysis: Trendline Fakeout Could Tumble APE by 25%
- Uniswap Price Analysis: Can Ongoing Recovery Carry UNI Price to $8?
- SHIB Price Analysis: $0.00001 Breakout Could Pump SHIB by 33%
