IOTA (MIOTA) Heads Towards the Resistance After a Rise!

The current price of IOTA (MIOTA) is $0.277. It moves between the horizontal range of $0.371 and $0.228, moving in consolidation in a sideways movement. The price was taking the support of the up-trend line, and the bullish candle formed on September 22 showed a significant up move.

The price of IOTA moving in between the range shows that both bulls and bears have failed to make a major price movement in their direction. The bullish engulfing pattern formed on the up-trend line may shift the price towards the resistance point of $0.371.

The volume bar moving below average indicates a requirement for additional investors for a robust price trend since the volume is unfavorable towards the bulls and the bears. The RSI is at 50 and shows that the indicator is tilting upwards and may enter the overbought range soon if the bulls continue to push the MIOTA token’s price upside with the formation of bullish candles. The MACD has recently moved ahead of the signal line, indicating a bullish trend. The histogram showing green candles also supports the bullish trend.

In the weekly chart of IOTA, the previous week’s candle indicated a major decline, and the forming bullish candle showed a rise in price. The MACD in the weekly timeframe has already been in the bullish zone, and the value may move towards its resistance point if the forming candlesticks close above the recent highs.

The MIOTA price may continue to move upwards, taking the support of the up-trend line. However, in the long run, if it closes above or below the resistance or support point, a positive trend can be anticipated in the same direction.

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