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IOTA Price Analysis – August 20
Following the price movement on the chart, IOTA price may have price breakout from the channel as the market trades in a tight range.
Resistance levels: $0.290, $0.300, $0.310
Support levels: $0.190, $0.180, $0.170
If we compare the price of IOTA since the time it reached an all-time high, which was $0.33 on July 20, 2019, and the present price, the coin indicates a bearish run by 37.5%. IOTA may reach close to $0.23 with a marginal fall by the end of the day tomorrow. After a few days, the coin may be traded in the range of $0.24 to $0.27 once the coin picks up its momentum.
Looking at the chart, the IOTA/USD pair is turning bullish as the price shoots at the key resistance levels of $0.290, $0.300 and $0.310. In this session, buying pressure is low. We need to watch out what the next coming session will bring into the market. The stochastic RSI is revealed as it moves towards the overbought territory with a potential sell signal.
Against Bitcoin, We expect the IOTA/BTC pair to continue its range, but it is likely to have a price breakout as it trades in a range. The 2900SAT resistance level or the 1900SAT support level is expected to be broken as the coin trades in a range. If the 2900SAT resistance level is breached, IOTA will increase. Conversely, the market of IOTA will decrease further if the 1900SAT support level gets broken.
Moreover, If the bulls had succeeded in breaking the 2900SAT resistance level, the cryptocurrency’s price would have surged to retest the 3200SAT resistance level. Nevertheless, if the bears break the 1900SAT support level, IOTA price may as well decrease to the lows of 1700SAT support level. We may likely see a price breakout as the market continues to trade in a range. The stochastic RSI is at the overbought zone, which indicates bears are likely to step back into the market soon.
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