IOTA (MIOTA/USD) Rallies Back to $0.23
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The IOTA market is hot on the trail of the $0.23 resistance level, from which it fell on April 19. The market became upbound on May 22, and by the following day, the price level peaked at $0.209 before a brief retracement. Then, on May 24, a bearish spinning top candle signaled the continuation of the upside trend.
MIOTA Market Data
- MIOTA/USD Price Now: $0.223
- MIOTA/USD Market Cap: $614,978,417
- MIOTA/USD Circulating Supply: 2,779,530,283 MIOTA
- MIOTA/USD Total Supply: 2,779,530,283
- MIOTA/USD Coinmarketcap Ranking: #69
Key Levels
- Resistance: $0.23, $0.24, and $0.25.
- Support: $0.18, $0.17, and $0.16
Price Prediction for IOTA: The Indicators’ Point of View
The Bollinger Bands did not respond to the strong bullish movement on May 23. This was because the IOTA bull market did not have a sufficient volume of trade to pull up the upside action; therefore, a retracement had to set in. The uptrend later continued from the $0.189 price level. This time around, the bullish price movement sparked volatility, and to this effect, the bands of the Bollinger indicator diverged. There is a growing concern in the market as it approaches the $0.23 resistance price level, which happens to also be the 38.2% Fibonacci retracement level. There is the possibility that the market may turn south from here.
MIOTA/USD 4-Hour Chart Outlook:
From this point of view, the uptrend is also very strong and progressive. Also, the Bollinger Bands indicator now reflects increasing bearish sentiment as the market approaches a major resistance level around the $0.23 price level. The Relative Strength Index (RSI) also contributes to the growing bearish sentiment in the market. With the market now at level 82.5, it is very likely that the market will pull back as the trend may be climaxing at the take-profit region.
