IOTA Consolidates Ahead of a Possible Breakout

For the past week, IOTA has been trading between $0.21 and $0.23. It is after the bulls attained the peak price of $0.26 and as the coin reached the overbought reason.

Buyers made an attempt and retested the recent high twice but were repelled. The price fell to $0.21 low but corrected upward to $0.23 high. The crypto has continued to trade sideways and move within the recent range.  

Buyers made concerted efforts to break $0.23 resistance thrice but were resisted. The market is falling and approaching the $0.21 support. The crypto risks further depreciation if the $0.21 support cracks. The coin will fall to $0.19 low. Conversely, if the current support holds, the bulls will retest the $0.23 resistance. The crypto will retest the $0.26 overhead resistance when the initial resistance is cleared.  

IOTA technical indicators reading 

There is a possibility of a further downward move as price breaks below the EMAs. Similarly, the price is falling and approaching the support line. A break above the support line will push the coin downward. Presently, the market is above the 25 % range of the daily stochastic. It indicates that the coin is in a bullish momentum but the bands are making a U-turn. This is reflecting the current price action. 

What is the next direction for IOTA?  

IOTA is falling toward the lower price range. This will be the second time to reach the recent low if the selling pressure continues. The current support is likely to be defended by the bulls as bears approach the current support. The sideways trading will continue if the support holds. 

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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