- IOTA/USD pair is trading below the $0.25 price level
- IOTA market had been trading above the historical price level of $0.25 since April
- The coin is likely to rise again as the market reached the oversold region
IOTA Current Statistics
The current IOTA price: $0.238367
Market Capitalization: $662,549,024
Trading Volume: $9,434,046
Major supply zones: $0.30, $0.35, $0.40
Major demand zones: $0.20, $0.15, $0.10
IOTA Price Analysis August 14, 2019
The price of IOTA is bearish as the market reached the oversold region. Presently, the market is trading above the $0.25 price level. This was the previous low of April when the market reached the oversold territory.
On April 28, the bulls scored an upward movement but were resisted at the $0.30 price level. The market fell to its previous low and commenced another upward move and broke the $0.30 resistance level.
The coin rose and reached the $0.45 overhead resistance in May. The market was trading below the $0.45 price level since the previous month before the bulls were resisted on June 22. The crypto‘s price fell, and it is currently trading above the $0.25 price level. On the upside, the price of IOTA is likely to rise because the price action may respect the historical price level.
Chart Indicators Reading
The RSI (Relative Strength Index) Period 14 is level 33, indicating that the coin’s market is advancing towards the oversold region. The 12-day EMA and the 26-day EMA are above the IOTA price, which means a bearish signal.
The price of IOTA is likely to rise after testing the lower trend line. On the upside, if the crypto’s price rises and breaks the upper trend line and then closes above the trend line, the market is likely to resume its bullish trend.
General Outlook for IOTA
IOTA price is likely to resume its bullish trend because the price seems to have reached the oversold area of the market. As was the case in April this, buyers are expected to emerge. Traders should benefit and lookout into buying setup to initiate large orders. Traders should place stop-loss orders below the $0.24 price level.
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.