IOTA Daily Trading Signals: 29 October

Dominant bias for IOTA (IOT)- Bearish

Resistance Levels- $0.5400, $0.5600, $0.5800

Support Levels- $0.4400, $0.4200, $0.4000

 

IOTA is in a bearish trend. Rejection to continued bullish pressure occurred at $0.5275 in the resistance after the close of the candle as an inverted hammer. MIOTAUSD dropped initially to $0.4834 on 26th October and later to $0.4691 in the support area on 28th October.

 

IOTA 4-hour chart
IOTA 4-hour chart

 

The bearish 4-hour opening candle at $0.4827 sustained the bearish pressure and ensures that the cryptocurrency went down to $0.4732 in the support area earlier today

IOTA Price is below the 34 EMA and the relative strength index at 32% which is still sellers’ zone, these suggest downward movement in the price of the cryptocurrency due to the Bears’ pressure.

With more candles formed and closed below the 34 EMAs and the trendline, $0.4400 in the support area may be the bears’ target before the end of today’s trading session.

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Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

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