IOTA: After Hitting a Bottom, IOTA’s Price Rallies 60%
A look at the Weekly chart for IOTA in logarithmic form shows that price broke the $0.4 level of support and fell to $0.2, a drop of 95% from the January high, forming a bottom in early December.
However, during the last week, it launched a 60% rally, and it is trying to touch the $0.4 resistance again.
Staying with the Weekly chart, this time in non-logarithmic form, a look at the indicators shows that the MACD rejected a bearish cross, and is now continuing upward.
RSI touched 30, and there is no divergence of any kind yet.
The price is facing resistance from the 7-period moving average, corresponding with the $0.4 area of resistance.
A look at the 3-day chart gives a similar scenario.
The RSI fell below 30 for the first time, and the MACD made a bullish cross and is now moving up.
Price is below all the moving averages and is facing resistance from the 7-period MA.
A look at the daily chart gives a clearer indication of short-term movements.
There is significant bullish divergence developing in the RSI and the Chaikin Oscillator. Furthermore, the MACD is almost positive.
- Price has fallen 95% from the January high to $0.2 in early December.
- During the last week, the price has appreciated 60%.
- Short-term indicators are bullish.
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