IOTA Price Analysis- July 12
Further increase in the Bulls’ momentum to break up $0.358 level will increase the price to $0.378 level. In case $0.358 level holds, there may be a price consolidation at the level.
Resistance levels: $0.358, $0.378, $0.407
Support levels: $0.333, $0.307, $0.287
MIOTA Medium-term Trend: Bearish
On the medium-term outlook, IOTA price is Bearish. The Bears were able to push the coin to the low support level of $0.333 yesterday. The strong support level holds the price and the crypto reversed at the level as predicted yesterday. Today, a bullish engulfing candle was produced at $0.333 level and the price increased to $0.358 level.
The 50 periods EMA is above the 21 periods EMA and the price is trading below the later EMAs at close range to each other. The Stochastic Oscillator period 14 is at 40 levels with the signal lines bending up to indicate a strong buy signal. Further increase in the Bulls’ momentum to break up $0.358 level will increase the price to $0.378 level. In case $0.358 level holds, there may be a price consolidation at the level.
The bearish momentum in the MIOTA/BTC market is getting weak and the Bulls are setting in gradually. The price was at 29 satoshis yesterday, the coin is consolidating towards the 21 periods EMA; that is 30 satoshis. Since July 10 when the coin bottomed at 28 satoshis, the Bears and the bulls have been struggling to push the price below 28 satoshis level and to push the price towards 33 satoshis respectively.
The Stochastic Oscillator period 14 is at 60 levels and the signal lines showing the upward direction which implies that the price may rise towards 33 satoshis as long as the Bulls break up the dynamic resistance level.
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