IOTA (MIOTA) has been weakening aprolongedside a lowering resistance line afterward Sept 4. More recently, the line effected a rejection on Dec 30 (red icon).
This led to a low of $0.69 on Jan 24. The rate has been moving ascendings afterward.
Currently, it is dealing within the $1.05 range, that had previously acted as support afterward Sept 27. Now, the field is expected to act as resistance back while again.
The aforementioned tumbling resistance line is directly at $1.10.
Technical indicator readings
Technical indicators for IOTA (MIOTA) in the daily time-frame are relatively bullish, afterward both the MACD and RSI are climbing.
More compellingly, the RSI has moved atop 50. The RSI is a momentum indicator and the 50 line is contemplated a threshold for a bullish/bearish trend.
While the MACD is moving ascendings, it has not yet crossed into positive territory. This would go a prolonged way in verifying the bullish trend.
The $1.08 resistance field, which is created by the 0.382 Fib retracement resistance level coincides with the previously schemed horizontal resistance field. Therefore, its rescue would be a major bullish development.
IOTA (MIOTA) wave count analysis
Cryptocurrency trader @Theexchanginghubb tweeted a chart of IOTA (MIOTA), stating which the rate is concredibleating within what is inclined a fourth wave triangle.
The most possible wave count does suggest which IOTA (MIOTA) is in wave four of a five wave ascending change, that began on March 2020.
On July 2021 and Jan 2022 (green icons), the cryptocurrency jumpt at the middle of a alike channel connecting waves one and two. This effectively finished a fourth wave pullback, supporting the opportunity which IOTA (MIOTA) is also in wave four.
With the condition that correct, the aforementioned Jan 24 low should not be bcaptured. Rather, after a evolution towards $1.55 and a period of conbonas fideation, IOTA (MIOTA) would be likely to break out and development towards new strongs.
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