IOTA (MIOTA) Challenges $1.6 Critical Resistance – Price Analysis
IOTA has had its price hovering inside a range for over three months. Meanwhile, its latest bullish reversal from the support of $1 had the alt approaching the resistance at $1.6 again, contemplating a bullish breakout for new rallies.
MIOTA Vital Technical Points
- MIOTA price jumped beyond the 50- and 200-day exponential moving average.
- The asset’s intraday trading volume stood at $294 million, suggesting a 94.4% surge.
IOTA had resonated within a 24hr symmetrical triangle formation. The alt recorded an upward breakout from the falling trend-line, suggesting a lucrative opportunity for MIOTA enthusiasts.
Nevertheless, the price failed to conquer the resistance of $1.6. That had intense selling momentum dragging the alt towards the lower support near the $1 level. IOTA discovered dependable support in this area, concluding a triple bottom formation, translating to a rally past $1.6.
The sideways price actions in IOTA had the critical EMAs flattening. Nevertheless, the asset’s price stays beyond the 50 and 200 Exponential Moving Average, showing a bullish trend. Also, a recovery by the Relative Strength Index (RSI) authorizes MIOTA’s bullish sentiment.
IOTA Trapped Within Define Range
IOTA’s technical chart indicates round-bound actions in the asset’s price. The alternative coin has wobbled inside the $1.6 – $1 range for some time. For now, market players can expect a significant rally after the coin breaches either of the range.
The alt targets to retest the $1.6 crucial resistance area. Meanwhile, long position enthusiasts should wait for the coin to break out before joining the market. A rejection from the upward resistance might mean plummets toward the $1 support again.
MIOTA has its upside hurdles at $1.6, then $1.77. In the other past, support levels stood at $1.21, then $1.
For now, MIOTA seems optimistic to challenge the resistance at $1.6. Bulls need to step up to overcome the hurdle. However, the downward trends in the crypto market might mean additional obstacles for IOTA’s upward journey.
Bitcoin failed to overpower the $50K level, exploring the $47,890 at this publication. The altcoin requires a decisive move past the $50,000 psychological level for steady uptrends. Such a move will trigger bullishness in the altcoin market, boosting MIOTA to realize its upward targets.