Home Analytics of crypto Resistance at $1.45, a Strong Bearish Signal

Resistance at $1.45, a Strong Bearish Signal

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Crypto News

IOTA is a type of cryptocurrency. However, it is not exactly a blockchain. It has a different proprietary technology knows as Tangle, which claims to have better transaction speeds than blockchain-based cryptos. It was released officially in 2016 by four co-founders. Let us look at the technical analysis of IOTA.

Past Performance

IOTA opened at $1.20 on October 5th, 2021. The week witnessed a sharp uptrend, and the price closed at $1.45 on 11 October 2021. Thus, there was an overall change of 20.9% over the week.

Resistance at 145 a Strong Bearish Signal

Source: https://www.tradingview.com/x/PGLsrGP9/

IOTA Technical Analysis

The IOTA price chart took support at the $1.19 level and shot up straight to become an uptrend. Later, it faced resistance at $1.45. Today, it is showing a strong bearish signal.

The current trading price of IOTA is $1.35. This is about 6.9% down from yesterday, showing a strong bearish sign. The price is more likely to fall, so traders may consider taking a short position.

OBV is showing that the buying pressure was dominating for the last few days, but there is a sudden increase in the selling pressure. This is a bearish signal, and traders may consider taking a short position.

RSI is showing similar signs. Currently, RSI is at 51.48%, but this is a sudden change from yesterday. Traders may take a short position if the price continues to fall. However, the uptrend may continue, and thus traders may wait to see if the price starts to increase again.

MACD is showing no divergence from the price chart. The fast and slow lines are approaching each other and the gap between them is reducing. This is a bearish signal as the fast line is currently above the slow line. Thus, traders may take a short position.

Day-Ahead and Tomorrow

Fib numbers are showing that the trend took support at $1.27 to continue the uptrend. Further, it could not break the fib resistance at $1.55. Now it is again expected that the price will take support at $1.27 to bounce back.

Thus, all the indicators are showing bearish signals. The traders may consider taking a short position by placing a stop loss at $1.24 if the price continues to fall.

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