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IOTA price indicates a bullish trend reversal

 


The IOTA course is currently showing signs of a bullish trend reversal. Could the IOTA price rise sharply in the next few weeks?


IOTA price could rise to the 0.382 Fib level at around USD 0.5

So far, the IOTA price has bounced off the support at around USD 0.24. IOTA thus finds the next significant Fibonacci resistance at around USD 0.5. However, should IOTA return to support between USD 0.2 – 0.24 and break it bearishly, IOTA will only find significant support again between USD 0.14 – 0.16.


The MACD is giving mixed signals: the MACD lines are still crossed bullishly, however the histogram is ticking lower bearishly. Also, the EMAs are still in a bearish death cross.


On the other hand, the RSI is moving up, but it is giving neither bullish nor bearish signals.


IOTA course could reach a bullish weekly candle close

On the weekly chart, the histogram is ticking bullishly higher this week, however, the MACD lines remain crossed bearishly. If the IOTA price is above USD 0.3432 in a few hours, then a bullish weekly candle close would be in prospect.


Then the chances are high that IOTA will continue its upward movement towards the Fibonacci resistances, which are around USD 0.5 and USD 0.68.


IOTA price is still bearish in the monthly chart

In the monthly chart, however, the IOTA course is still bearish. While the RSI is giving neither bullish nor bearish signals, the MACD histogram is ticking decidedly bearish lower while the MACD lines remain bearish crossovers.


If IOTA faces bearish rejection at any of the Fib resistances and returns to support around USD 0.4 and bearishly breaks it, then IOTA could correct to USD 0.14 – USD 1.16.


If IOTA also breaks this support bearishly, support for the IOTA course will only wait again at the low point from 2020, at around USD 0.075.


For IOTA's trend to become bullish again, IOTA needs to break the Fib resistances at around $1.15 and $1.75. Without a break in the golden ratio at around USD 1.75, IOTA has no chance of making new highs. Instead, IOTA is still in a correction phase.


IOTA could also bounce up against BTC

Against BTC, IOTA encountered strong support between 0.000008 – 0.0000103 BTC, which IOTA was able to close above last month. With that, IOTA could be about to target resistance around 0.0000179 BTC this month.


In addition, the histogram of the MACDs in the monthly chart is continuously ticking higher and the MACD lines are also bullishly crossed.


The BTC chart looks like a possible trend reversal. This means that IOTA could rise sharply in the next few weeks.


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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