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IOTA price forecast: bullish candle formation in prospect

 


The IOTA price shows a bullish divergence in the daily chart and has chances of a bullish candle formation in the BTC monthly chart.


Massive bullish divergence fuels the IOTA course

The daily chart shows a massive bullish divergence in the RSI and histogram of the MACD, after which the IOTA price was able to rise by around 29%. Now the IOTA price is encountering resistance at the 0.382 Fib level at around USD 0.29. If IOTA breaks this resistance, IOTA could rise to the golden ratio at around USD 0.33.


However, the EMAs are still in a death cross, keeping the trend bearishly confirmed in the short to medium term. In contrast, the MACD histogram is ticking bullish higher and the MACD lines are crossed bullishly.


In the short term, there are bullish prospects for IOTA.


The IOTA course could rise to USD 0.7

Significant support is waiting for the IOTA course between USD 0.2 – 0.24. Should this support be broken bearishly, IOTA will find significant support between USD 0.14 – 0.16 at the latest.


However, the histogram of the MACDs is also ticking bullishly higher in the weekly chart. If IOTA now breaks both Fibonacci resistances at USD 0.29 and USD 0.33, IOTA could even rise to the next Fibonacci resistance at around USD 0.5. If IOTA also breaks this resistance, the next Fibonacci resistance is waiting at around USD 0.7.


Despite the near-term bullish outlook, the MACD lines are still a bearish crossover. IOTA's trend remains bearish intact until IOTA breaks the golden ratio around $1.8.


A bullish trend reversal is therefore still a long way off.


In the monthly chart, the IOTA course is still bearish

This becomes particularly clear in the monthly chart, which does not give any bullish signals. In the monthly chart, the MACD lines are also bearishly crossed, but the histogram is also ticking bearishly lower. The RSI is showing neutral and the monthly candle is likely to close bearish given the little time left.


There could be a bullish candlestick formation on the monthly chart against BTC

In contrast, IOTA is extremely bullish in the monthly chart against BTC, because here the monthly candle could form a “bullish-engulfing-candle”; a bullish candlestick formation. For this, the IOTA course would have to be above 0.00001407 BTC on the first of the new month. Then IOTA could rise to the 0.382 Fib level at around 0.0000179 BTC in the new month.


In addition, the histogram of the MACDs is ticking bullishly higher and the MACD lines are bullishly crossed.


On the downside, significant support awaits IOTA between 0.000008 – 0.0000103 BTC.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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