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IOTA – ALTCOIN CHART ANALYSIS

 


IOTA was able to benefit from the positive overall market of the last few days and seems to want to break out to the top, but we are still missing a bullish breakout for this.


We are currently trading at around USD 0.29 and are therefore still in a possible ascending or symmetrical triangle. Both chart patterns are fundamentally bullish, however we are currently having trouble making a higher high.


As long as we don't manage to do this, we have to expect falling prices, since we are also slowly but surely reaching the upper limit in the RSI and a setback is therefore likely.

On the daily chart, we continue to see declining trading volume, even though we saw a decent pump to the top yesterday.


Here we still have a hidden bearish divergence in the RSI (higher highs in the RSI, lower highs in the chart), which also speaks for lower prices and a correction.


However, we can leverage this with a higher high in the chart. If we fail to do this, we will most likely see a correction to around $0.28. In the worst case, we face USD 0.25.

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