The price of IOTA has increased by fifteen percent, reaching $0.2400, as a result of the decisive actions taken by purchasers over the previous two days. On account of the fact that IOTA is now assaulting major moving averages and resistance, technical indicators are indicating that bullish momentum is becoming stronger.
The 20-day exponential moving average (EMA) for the price of IOTA is now at $0.2393, while the 50-day EMA is currently at $0.2473. Considering that the price has been climbing to test these levels, a strong move above might indicate a shift in the trend toward bullishness. A goal for the bulls is also represented by the 100-day exponential moving average, which is now located at $0.2331.
Today, the Relative Strength Index (RSI) has reached 48.35, which is a significant increase from the oversold value of 39.06 that was recorded yesterday. This swift increase is a reflection of the strengthening of the upward momentum, which has the potential to accelerate the price of IOTA over the above obstacle.
The MACD histogram has progressed to a level of -0.0007, which is a significant improvement from the level of -0.0028 that it reached the day before. Now, those who are optimistic on IOTA will be searching for a bullish crossing of the MACD above zero in order to validate the developing upward trend.
Initially, there is anticipated to be resistance for IOTA between the prices of $0.2279 and $0.2349, which is where sellers have formed. Should this region be cleared, it would pave the way for a challenge of the 20-day exponential moving average (EMA) at $0.2393 and the 50-day EMA at $0.2473. This zone is the psychological threshold of $0.25, which lies beyond it.
During pullbacks, the first significant support level is located around $0.2100. This level is associated with the confluence of the Fibonacci retracement level of 0.786 and the swing low of IOTA at the present time. In the event that this region is unable to maintain its position, the 200-day exponential moving average, which is located at $0.2161, would become the subsequent target for the downside.
IOTA's technical picture is becoming better as a result of the recent rise it has seen. As the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) both indicate that the upward momentum is growing, a possible acceleration of the move higher might be triggered by a breach of the exponential moving average (EMA) resistance and the $0.25 level. Staying above the $0.21 support level will be essential in order to maintain the newly discovered bullish bias.
