IOTA Price Analysis: 20-EMA Fakeout May Trigger a Downfall to $0.25
For nearly two months, the IOTA price has been wavering between $0.39 to $0.23. Furthermore, with the price action shaping into a cup and handle, the buyers are attempting to breach the $0.3 neckline. However, can they undermine the overhead selling pressure?
Key points
- Long-wick rejection near $3.06 resistance indicates the selling pressure persists
- IOTA price nosedived below the 20-day EMA resistance
- The intraday trading volume in the IOTA coin is $37.7 Million, indicating a 450% gain.
Source- Tradingview
The MIOTA/USDT pair witnessed a drastic fall in April-May which plunged it to a low of $0.232. Following the downfall, the buyers tried to recover these losses but failed twice to surpass the $0.4-$0.3 resistance zone.
Over the past two months, the IOTA price has been wavering in this region, indicating uncertainty in the market. Anyhow, the buyers have mounted stiff support at $0.235, preventing a deeper correction.
Furthermore, the technical chart shows the formation of a cup and handle pattern. Today, the IOTA price is 6.43% down and wavering around the $0.306 neckline resistance. A daily candlestick closing above the mentioned resistance would provide a higher foothold for buyers.
If they succeeded, the IOTA price would surge 27.3% higher to $0.4.
On a contrary note, the coin chart shows reversal signs near the neckline with a bearish engulfing candle, suggesting the price may continue to consolidate in this region.
Technical indicator
Previously the MIOTA chart has shown failed attempts of coin buyers to sustain above the fast-moving 20-day EAM, which triggered a significant sell-off. For now, the price again teases a fakeout from this support, offering additional confirmation for a downfall.
The MACD indicator shows a steady rise in fast and slow lines indicating the buyers are wrestling trend control from sellers. Moreover, the break above the neutral line may provide additional confirmation for buyers.
- Resistance level- $0.3 and $0.29
- Support levels- $0.26, and $23
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