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On July 8, 2019, theprice reached a high of 34,800 satoshis. A rapid decrease ensued. IOTA briefly found support at 29,000 satoshis, before continuing its downward movement. On July 16, it reached a low of 26,600 satoshis.
Since then, it has been increasing.
How long will this increase continue? Keep reading below in order to find out.
For our previous analysis, click here.
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A look at the weekly chart shows that IOTA is trading at an all-time low price.
On October 2017, it reached a low of 43,600 satoshis.
An upward move ensued.
Since then, the IOTA price has not traded below this level.
This, however, changed in June 2019, when the price decreased below 40,000 satoshis.
On Jan 4, 2019, the IOTA price reached a high of 100,600 satoshis.
Since then, it has been decreasing, trading inside the descending channel outlined below.
At the time of writing, it was trading very close to the support line of the channel.
The previous time it has done so, it has initiated upward moves toward the resistance line.
A look at the RSI and the MACD shows the IOTA price is likely to act in a similar manner once more.
There is a very significant bullish divergence occurring in both.
Furthermore, it is present in long-term time-frames up until the three-day.
An analysis of these momentum indicators makes it likely that the IOTA price will begin an upward move.
However, due to the fact that the price is trading at an all-time low and has not yet made a lower high, it is difficult to predict when and where the move will be initiated.
Let’s take a closer look at a short-term time-frame to see if we can figure that out.
Since reaching a high of 31,578 satoshis on July 9, IOTA has been trading inside a symmetrical triangle.
The support line began once the IOTA price reached a low of 26,700 satoshis on June 26.
At the time of writing, it was trading very close to the support line of the triangle.
The triangle is projected to end on July 21.
If the price breaks out, one resistance area is outlined below:
This resistance area is found near 32,000 satoshis.
According to our analysis, it is likely that the IOTA price will reach it.
However, it is possible that it will first break down from the triangle and find support near 27,000 satoshis before beginning an upward move.
The IOTA price is trading at an all-time low.
It is trading inside a descending channel.
Momentum indicators suggest that an upward move towards the resistance line of the channel will begin soon.
Do you think IOTA will reach the resistance area outlined above? Let us know in the comments below.