IOTA Price Analysis: MIOTA Finally Broken out of an Interesting Pattern, Know Whereabouts!

• IOTA price has finally broken out of the descending triangle pattern over the daily price chart.
• MIOTA crypto has recovered above 20 and 50-EMA but still below 100 and 200-days Daily Moving Average.
• The pair of MIOTA/BTC is at 0.00001586 BTC with an intraday gain of 8.33%.

The IOTA price has been declining through a descending triangle pattern on the daily price chart. The coin has finally reversed the downward trend on the daily price chart to prevent further collapse. In order to start a breakout from the descending triangle formation, the price of the MIOTA cryptocurrency must stay where it is now trading. Bears can, however, try to halt the current trend and search for a reversal. Bulls must maintain their position at this level since MIOTA is currently in a serious make-or-break situation. Investors in MIOTA must hold off until the token reverses its downward trend and bulls hold onto their positions.

IOTA’s market value is currently $0.302 and has increased by 8.33% in the last day. However, trading volume dramatically surged by 1017.60% during the intraday trading session. This shows that bulls are making an effort to keep the token moving at its present rate throughout the daily chart. Volume to market cap ratio is 0.1102.

Source: MIOTA/USD by TradingView

The price of the MIOTA token must remain at this level in order to confirm its breakout from the descending triangle formation on the daily price chart. Before the IOTA coin is driven out of its downward trend, investors must wait for bulls to gain strength. It is necessary to boost the volume change, which is now above average. This forecast suggests that MIOTA bulls need to accumulate more of themselves in order to avoid sliding into any kind of bearish trap.

What do Technical Indicators suggest about IOTA?

Source: MIOTA/USD by TradingView

The price of MIOTA has been fluctuating inside a descending triangle trend since April 2022. On the daily price chart, the token has finally broken out of the pattern and is now trying to maintain itself. Technical indicators showcase the uptrend momentum of MIOTA coin.

The relative strength index shows how much MIOTA has increased. The RSI is getting close to overbought territory at 59. The MIOTA currency’s positive momentum can be seen on MACD. The MACD line is ahead of the signal line after a positive crossover.

Conclusion

The IOTA price has been declining through a descending triangle pattern on the daily price chart. The coin has finally reversed the downward trend on the daily price chart to prevent further collapse. In order to start a breakout from the descending triangle formation, the price of the MIOTA cryptocurrency must stay where it is now trading. Bears can, however, try to halt the current trend and search for a reversal. Bulls must maintain their position at this level since MIOTA is currently in a serious make-or-break situation. This forecast suggests that MIOTA bulls need to accumulate more of themselves in order to avoid sliding into any kind of bearish trap. Technical indicators showcase the uptrend momentum of MIOTA coin.  The MACD line is ahead of the signal line after a positive crossover.

Technical Levels

Support Levels: $0.27 and $0.25

Resistance Levels: $0.31 and $0.35

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

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