IOTAUSD – 1D Chart Analysis

After 3 consecutive days of growth, in which the price has been increased with 9%, the latter failed to break the Resistance Level of 0.5229$, meaning that another “peak” has been created.

Excepting the MACD , which is indicating a possible continuation of the price increase, the rest of the technical indicators are showing the opposite scenario as it follows :

* The RSI has reached a maximum level of 55 and it started to retrace
* The stochastic is very close to a crossover above the level of 80, meaning that the price is “overbought” and we are waiting for a trend change
* The upper standard deviation of the Bollinger Bands has been touched by the price, meaning that the latter is considered “overbought”
* The trading volumes are getting lower and without any fundamentals, the price seem to start a slight decrease.

In this situation, it seems that the next important moment will be the intersection of the price with the 20 days Moving Average and from there, we will have 2 possible scenarios :

* If the price will bounce back from the 20 days MA, there are big chances for the Resistance Level of 0.5229$ to be “tested” again
* If the price will go below the 20 days MA, the next possible “stop” will be the Support LEvel 1 of 0.4702$

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