IOTA Technical Analysis
The trading day has started with a favorable crypto market maintaining the percentage increase in most of the Altcoins. IOTA is one of the cryptos with which it has reported the highest percentage increase. With more than 11% the price of the crypto of the “Internet of things” manages to consolidate above a dollar after having had a bullish rally in the last 24 hours.
- Profit taking at €1.64
- A successful breakup of the EMA to 100 periods
- The price is close to EMA 200 could break in the next few hours
IOTA / EUR is a slight correction after touching the € 1.64 which was a profit-taking zone, after making a positive rally from € 0.75 breaking the Fibonacci retracement level of 38.20%. The price of the IOTA is having a pullback which can touch the support at 23.60 Fibonacci to then bounce above the trend line and start a bullish rally at € 2.50.
At this point, it is important to bear in mind that the IOTA / EUR pair continues under a retracement which is normal when a price reaches its maximum for traders to make a profit. The 1-day candle confirms that the price is rebounding at the Fibonacci retracement level of 23.30%, maintaining a robust upward trend.
IOTA is an Altcoin considered one of the most valuable projects. Its Internet of Things proposal has attracted high-level investors such as Bosch Venture, allowing an important injection of capital. It is essential to see beyond the price when investing; you must also take into account the reason for the project which is highly important.
- RSI continues above 60%
- EMA in periods of 100 and 200
- The maximum point of resistance € 1.70
- Support point € 0.98
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