IOTA Technical Analysis: Small Valleys Obvious, Look at Next Two Days for a Breakout

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    IOTA is a distributed ledger with one big difference: it isn’t actually a blockchain. Instead, its proprietary technology is known as Tangle, a system of nodes that confirm transactions. The foundation behind this platform says this offers far greater speeds than conventional blockchains — and an ideal footprint for the ever-expanding Internet of Things ecosystem.

    Let us see how the technical analysis of IOTA.

    Past Performance

    The last few months have witnessed a general increase in the price of IOTA. The previous month has been rough for Iota’s price chart, as it was highly volatile.

    The earlier part of the previous week saw some stability in the price, after which the price again started showing fluctuations. IOTA opened on November 11, 2021, at $1.30. It closed on November 17, 2021, at $1.45.


    IOTA Technical Analysis

    Looking at the weekly trends, it is difficult to predict the price in the upcoming days. The traders will need to take the help of the indicators. Also, they may wait to see if the price increases to break the resistance at $1.377, and at $1.450, or it hits the support at $1.286.

    Let us look at the indicators.

    The OBV shows that today the buying volumes are being dominated by the selling volumes, which is putting pressure on the price to go downwards.

    The RSI is moving near the equilibrium, which can be a neutral signal. However, if the RSI drops below the 50% mark, it will push the price further down.

    The MACD graph is showing a bullish crossover. This is contrary to the OBV and RSI graphs but a strong bullish signal.

    Shimmer will be the official incentivized staging network of IOTA, with the native Shimmer token (SMR) and an independent ecosystem. All major upgrades of IOTA will first be available on the Shimmer network, offering builders and users a dedicated network to get early access to new innovations and opportunities. This news was released yesterday by the company.

    Day-Ahead and Tomorrow

    IOTA is a cryptocurrency project that is unlike any other in the business, and it stands out from the crowd. Despite the fact that it has not yet occurred, IOTA has the potential to become a very appealing payment option for end-users due to its feeless, practically instantaneous, and tamper-proof transactions.

    Thus, the overall signal from the indicators is neutral as OBV is negative, MACD is positive, and RSI is showing a neutral signal. The traders may hold their current positions and make a call based on the future price movements. Meanwhile, they can keep a target at $1.5275, while keeping a stop-loss at $1.250.

    Currently, the price is being tested at the Fib pivot at $1.36.



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