IOTA Price Analysis – May 12
The IOTA price is trading below the 9-day and 21-day moving averages, a breakout above this barrier could trigger a rapid increase.
Resistance levels: $0.50, $0.55, $0.60
Support levels: $0.15, $0.10, $0.05
IOTAUSD – Daily Chart
MIOTA/USD is now resuming the bullish as the buyers may gain control of the market. The 15.54% surge in volatility is leveling up the trading price to touch the resistance level of $0.35. However, the IOTA price is seen trading below the 9-day and 21-day moving averages.
IOTA Price Analysis: IOTA Price May Move Upward
As revealed on the daily chart, the IOTA price has been trying to recover from the downside since a few hours ago. Therefore, traders may see more climbs in the next few positive directions if the coin trade above the 9-day moving average to hit the resistance levels of $0.50, $0.55, and $0.60. Once this is done, it is likely for the bulls to start taking care of the market.
On the downside, the 9-day MA remains below the 21-day MA and the market may continue to follow the downtrend. In the meantime, if the IOTA price drops below the lower boundary of the channel, the $0.25 level could provide support for a possible bearish retracement.
But if not, the coin may further test the support levels of $0.15, $0.10, and $0.05. According to the technical indicator Relative Strength Index (14), the signal line is moving away from the oversold region which could determine the next direction that IOTA may follow.
MIOTA/BTC Market: IOTA Price Remains on the Negative Side
Against Bitcoin, IOTA (MIOTA) has been moving downward as the market price trades at 1115 SAT. The IOTA price is now contained on the negative side as traders expect the bulls to hopefully push the market higher but at the time of writing, the Relative Strength Index (14) is recovering from the oversold region.
IOTABTC – Daily Chart
However, if the bulls push the price above the 9-day moving average, traders can expect initial resistance at 1200 SAT. Above this, higher resistance lies at 1400 SAT and above. On the contrary, if the sellers bring the market below the lower boundary of the channel, the market may hit the support level at 800 SAT and below.