On May 30, IOTA bulls rebounded thrice as the crypto reached a high of $0.26. Before now the market was in a sideways trend as buyers struggled to push the price above the $0.21 resistance.
The bulls made concerted efforts to trade above $0.21 but to no avail. Each time, the resistance is retested; there will be a bearish reaction as the market falls to either $0.18 or $0.17 low.
The resistance level was broken after four attempts. Price rebounded above $0.20 support and the bullish momentum continued to the high of $0.26. Nonetheless, just like the previous resistance level, buyers are facing penetration difficult at the current resistance at $0.26. In the meantime, the crypto is in a sideways move below $0.26.
IOTA technical indicators reading
As price reaches a high of $0.26, it enters the overbought region. Immediately, Sellers emerged to push prices down. The coin is above the 70% range of the daily stochastic indicating that the market has bullish momentum. The price bars are above the EMAs which indicates that the coin will rise.
What is the next direction for IOTA?
IOTA upward move is continuing as bulls currently battle the resistance at $0.26. The crypto will be trading in the overbought region if it breaks above the current resistance. The bullish momentum is likely to continue as long as the price is above the EMAs. The crypto will decline if the price breaks below the EMAs.
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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