IOTA Analysis

IOTA has seen a weeks worth of sideways action as price action has only increased by 1.38%. The market is now trading at a price of around $0.2863 after seeing a 17% price hike over the over the past 90 trading days.

The market is currently holding strong above $0.28 with some serious resistance above at $0.33.

Where Is IOTA ranked?

IOTA is ranked in 14th position as it presently holds a $783 million market cap valuation.

IOTA Price Analysis

IOTA/USD

IOTA/USD – MEDIUM TERM – DAILY CHART

IOTA/USD Analysis
https://www.tradingview.com/x/uJMqCnSP/

What has happened since our last analysis?

Since our previous IOTA analysis, we can see that the market has continued to trade sideways. IOTA had managed to hold above support at $0.27 as it trades along the support provided by the .618 FIbonacci Extension level (drawn in green) priced at $0.2820.

What is the current short term trend?

The current short term trend is neutral as the market trades sideways. If IOTA breaks below $0.27 then the market will be considered as bearish. For the market to be bullish, we would need to see price action break cleanly above $0.33.

Where are we likely to from here?

If the buyers can hold above the support at $0.2820 and push higher, we can expect immediate resistance above at the .5 Fibonacci Retracement level (drawn in green) priced at $0.3056. Above $0.3056, there is some serious resistance at the bearish .382 FIbonacci Retracement level (drawn in red) priced at $0.3281. This bearish Fibonacci Retracement level is measured from the November 2018 high to the December 2018 low.

If IOTA/USD can break above the resistance at $0.33, higher resistance will be expected at the bearish .5 and .618 Fibonacci Retracement level (drawn in red) priced at $0.3656 and $0.4031.

What if the bears regain control?

Alternatively, if the sellers regroup and begin to push the market below the support at $0.2820, we can expect immediate support below at $0.27.

If the bears push the market beneath $0.27, more support can be expected at the .786 Fibonacci Retracement level (drawn in green) priced at $0.2484.

Let us continue to analyse price action for IOTA against Bitcoin.

IOTA/BTC

IOTA/BTC – MEDIUM TERM – DAILY CHART

IOTA analysis
https://www.tradingview.com/x/t5Jz7GyD/

What has been going on?

IOTA has fallen from its high of 10000 SATS during January 2019 into support provided by the .786 FIbonacci Retracement level (drawn in green) priced at 7029 SATS. The market has held surprisingly well at this support and is expected to remain above this level moving forward.

What is the current trend?

The current trend for IOTA against Bitcoin is presently bearish. For this market to be considered bullish we would need to see IOTA/BTC break above 8100 SATS.

Where can we go from here?

If the buyers can hold above the support at 7029 SATS and continue higher, we can expect immediate higher resistance to be located at the .618 Fibonacci Retracement level at 7652 SATS. Above this level lies the 100 day moving average, around 7800 SATS, which will provide more resistance moving higher.

If the buyers can break above the 100 day moving average, more resistance can then be expected at the .5 and .382 Fibonacci Retracement levels (drawn in green) priced at 8089 SATS and 8526 SATS.

Alternatively, if the sellers regroup and push IOTA/BTC lower, we can expect immediate support at 7029 SATS.

Below 7029 SATS, we can expect more support at the .886 Fibonacci Retracement level priced at 6658 SATS.

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