IOTA Daily Trading Signals: 30 October

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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. $0.44205 in the support area was the low of the day as the strong bearish pressure took over the cryptocurrency before losing momentum as the session came to a close yesterday. The bullish railroad formed after today’s opening pushed MIOTAUSD to $0.4575 in the resistance area.

 

IOTA 4-hour chart
IOTA 4-hour chart

 

Currently, the flag is been formed due to the bullish momentum that is pushing the cryptocurrency price up. Caution should be exercised as this is a pullback and buyers trap. The bears are still that are present and a strong comeback that will bring about a new low is imminent.

 

With IOTA price below the 34-EMA and more candles formed and close below it, $0.4400 may be tested that may open up $0.4300 in the support area.

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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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