IOTAUSD Price Analysis – June 28
IOTA after a downward review is having a bullish short term trading bias, with the cryptocurrency advancing to a fresh high after recent lows. Technical indicators are rising on the chart and may issue a strong bullish signal.
Supply Level: $0.22994512, $0.33403757, $0.37139441
Demand Level: $0.57676740, $0.49565369, $0.45113820
IOTAUSD Long term Trend: Ranging
IOTA has shown a ranging medium-term trend, with the cryptocurrency continuing to make strong gains in its momentum to the upside and downside.
The daily time frame is showing that a major bullish breakout may occur from the sideways price movement channel that has been in place since early May 2019. The technical indicators are appearing overstretched to the sideways and expecting a breakout.
IOTAUSD Short term Trend: Bearish
Further to the downside, the cryptocurrency is seen trending in the 4-hour chart time frame with a bearish pattern that is yet to complete to later bring a rebound to the upside.
Overall, the recent day’s bullish candle pattern may change the technical picture for the IOTAUSD pair on the medium term trend with the balance of risk now firmly tilted.
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