Key Highlights
- IOTA price is trading within the $0.23 and $0.28 demand zones
- The bears overcame the bulls after the $0.45 and $0.40 supply zones were broken
- On August 14, the market fell to $0.23 demand zone, and after a retest, the bulls made an upward move
IOTA (MIOTA) Current Statistics
The current price: $0.26
Market Capitalization: $722,949,799
Trading Volume: $6,334,816
Major supply zones: $0.40, $0.45, $0.50
Major demand zones: $0.20, $0.15, $0.10
IOTA (MIOTA) Price Analysis August 28, 2019
In June, the IOTAUSD pair was trading at the $0.50 supply zone. At the supply zone, the coin made a downward correction, and the bears broke the $0.45 and $0.40 supply zones. The bears had the upper hand as the market fell to the low of $0.23 demand zone. The bulls defended the demand zone as buyers emerged.
The coin was in an upward move as it reached the $0.28 demand zone but fell to retest the $0.25 price zone. Presently, the market is ranging above the $0.25 demand zone.
However, after a retest at the demand zone, the market is expected to continue its bullish movement to revisit the previous highs. On the other hand, the coin can continue its bearish move and retest the previous low.
IOTA Technical Indicators Reading
The price of IOTA has 12-day exponential moving average and a 26-day exponential moving average. On June 27, the 12-day moving average crossed below the 26-day EMA signaling the downtrend.
The Relative Strength Index period 14 levels 46 indicate that the coin is ranging between the $0.23 and $0.28 demand zones. Besides, the coin is in a bullish movement as it broke the upper trend line signaling the upward move to the previous highs.
Conclusion
The IOTA/USD pair is likely to rise after bears’ dominance. The market fell to a low of $0.23 demand zone and commenced a bullish move.
If the bullish trend resumes after a retest at the $0.25 demand zone, the crypto’s price is likely to rise to break the $0.28 and $0.30 demand zones. However, if the coin continues its range-bound movement, traders should buy on a rebound at $0.23 demand zone; or sell near the $0.28 resistance zone.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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