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IOTA Price Prediction: The Price Is Nearing a Breakout From the Triangle

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Long-Term Outlook

IOTA Weekly Chart – Source: Tradingview.com

A look at the Weekly chart for IOTA shows that the price is trading near $0.3, facing very close resistance from the 21-period moving average.

It is also trading below the 50-period MA and the Ichimoku Cloud. There has been a minimal movement for the past 10 weeks.

The RSI is at 39, indicating neither overbought nor oversold conditions but being close to oversold ones.

The MACD has made a bullish cross and is moving upward, but is not positive yet.

There is no visible trading structure.

Medium-Term Outlook

IOTA 3-Day Chart – Source: Tradingview.com

A look at the 3-day chart shows that the current bullish candle has moved price past the 21-period moving average and very close to the 50-period MA and the Ichimoku cloud.

Similarly to the Weekly chart, the RSI is at 48, and the MACD is moving upward with strength but is not positive yet.

IOTA Daily Chart – Source: Tradingview.com

A look at the Daily chart gives us our first trading structure.

The price is moving in a symmetrical triangle and has done so for the past 91 days. The triangle is projected to end in late March.

Short-Term Outlook and Price Prediction

IOTA 6-Hour Chart – Source: Tradingview.com

A look at the 6-hour chart gives us four minor resistance and support areas. The price is very close to the $0.3 minor resistance area and below the $0.33 one.

Furthermore, there are support areas near $0.27 and $0.24.

The price is currently at the resistance line provided by the triangle.

Price Prediction:

I believe that the price will move inside the confines of the symmetrical triangle before eventually breaking out.

Conclusions:

  • The price is trading below long-term moving averages.
  • The price is moving inside a symmetrical triangle.
  • There are resistance areas near $0.33 and $0.3.
  • There are support areas near and $0.27 and $0.24.

Latest IOTA News:

  • Tron [TRX] & IOTA Price Action – Worst Performer Tron Continues Its Downtrend, IOTA Consolidates

DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

IOTA Price Prediction: The Price Is Nearing a Breakout From the Triangle was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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