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The IOTA price is facing rejection at the 50-day EMA

 


The IOTA price picked up the price target of the last forecast and was then rejected in a bearish manner at the 50-day EMA.


IOTA Price Prediction: Will IOTA Break Bearish Soon?

About three weeks ago we wrote in the last IOTA price forecast : “A few weeks ago IOTA bounced off the support and rose to the golden ratio at around USD 0.33. Once there, IOTA received a strong bearish rejection, leaving the current corrective move intact.


IOTA is now already finding significant resistance at around $0.282 at the 50-day EMA. In addition, the MACD lines in the daily chart are bearishly crossed and the histogram has been ticking bearishly lower for the last two days.


In summary, it can be said that IOTA is in a bearish trend in the long term as well as in the medium and short term. Still, IOTA could rally to around $0.282 amid the continuation of the downside move. If IOTA breaks this resistance, the next crucial resistance awaits at around USD 0.33.”


The IOTA price has risen sharply in the last two weeks and has reached the price target of the 50-day EMA , which IOTA currently seems to be rejected. With this, IOTA could correct to the 0.382 Fib support at around USD 0.252 or even to the golden ratio at around USD 0.245.


Once there, IOTA could bounce to continue the bullish move. Finally, the MACD lines on the daily chart are still crossed bullishly. The MACD histogram is already ticking bearishly lower today.


Previously, IOTA was bearishly rejected at the golden ratio around USD 0.33, where IOTA could return if IOTA breaks the 50-day EMA currently around USD 0.266.


The 4H chart still has the death cross intact, confirming the trend bearish in the short-term. In addition, the RSI is showing a bearish divergence, after which the IOTA course has already begun to correct downwards.


Furthermore, the MACD lines are bearishly crossed over and the histogram is ticking bearishly lower. So, in the short-term, it looks like a downward move.


The death cross has been active on the weekly chart for a long time

In the weekly chart, the death cross of the EMAs has been intact for a long time, confirming the medium-term bearish trend. However, the MACD lines are bullishly crossed and last week the histogram ticked bullishly higher.


In fact, there is still a chance that IOTA will find the bottom in this bear cycle between USD 0.24 and USD 0.26.


The IOTA course is in a long-term downtrend

In the long term, however, IOTA is still in a clear downward trend. In fact, IOTA is in a parallel downward channel. Still, the MACD histogram is ticking bullishly higher for the third month in a row.


So, despite the bearish outlook, IOTA could soon find a bottom to initiate a bullish reversal, if only in the short term.


Against BTC, the IOTA course was bearishly rejected at the Golden Ratio resistance

The IOTA course was bearishly rejected at the golden ratio resistance around 0.000016 BTC. In addition, the MACD lines on the weekly chart are close to a bearish crossover and the MACD histogram has been ticking bearishly lower for several weeks.


IOTA is now encountering significant Fibonacci support at around 0.0000114 BTC, from which IOTA could bounce upwards.


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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