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IOTA Price Analysis: IOTA/BTC Is Struggling To Move Above The Resistance Of 3100 Satoshis

2 mins
Updated by Max Moeller
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On September 7, 2019, the IOTA price reached a low of 2221 satoshis. A gradual upward move followed, which intensified on September 18. IOTA reached a high of 3100 satoshis the next day. It has been decreasing since.
IOTA Price Will IOTA resume its upward movement or is there a reversal in store? Keep reading below if you are interested in finding out. For our previous analysis, click here.

IOTA Price: Trends and Highlights for September 20

  • IOTA/BTC is trading inside a symmetrical triangle.
  • IOTA is facing resistance from its 100-day moving average.
  • A resistance area can be found at 3100 satoshis.
  • There is bearish divergence developing in the RSI.
  • A support area can be found at

Significant Resistance

Looking at the daily chart, we can see one significant resistance area found near 3100 satoshis. IOTA Price This area also coincides with the 100-day moving average, increasing its significance It was touched by the upper wick of September 18, before the price was pushed downward. Will IOTA be successful in moving above it?

Symmetrical Triangle

Looking at the hourly time-frame we can see that IOTA has been trading inside a symmetrical triangle since reaching a high on September 18. IOTA Price Due to the presence of wicks, both the resistance and support lines can have slightly different slopes. The symmetrical triangle is considered a neutral pattern. Thus, when occurring after an uptrend, it often means that it will act as a continuation pattern, indicating a breakout. Let’s take a look at technical indicators to see how likely that is.

Technical Indicators

When looking at a longer time-frame, the first thing we notice is the presence of long upper wicks near the resistance area. IOTA PriceSince they were not present in shorter time-frames, this is an indication that IOTA could not sustain its high prices. Additionally, we can see the presence of bearish divergence in the RSI. Even though the divergence is not present in the MACD, it is relatively significant. This makes us believe that even if IOTA breaks out from the triangle, it will likely create a double top and will not be successful in moving above the resistance area.

Future Movement

An outline of future price movement is given below. Additionally, one support area is traced below. IOTA Price The price is likely to continue trading inside the triangle, before eventually breaking down and reaching the support area, which is found at 2700 satoshis.

IOTA Price Summary

The IOTA price is trading inside a symmetrical triangle. According to our analysis, it is likely to decrease and reach the support area at 2700 satoshis. For hypothetical trading purposes, we consider IOTA a sell near 3000 satoshis. Do you think IOTA will reach the resistance line? Let us know in the comments below.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.  Images are courtesy of Shutterstock, Trading
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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