IOTA Price Analysis – April 21
With the current market condition, this cryptocurrency may reverse the trend after reaching a solid support level which may be followed by a break-up. If otherwise, the market could further trend in a channel. As of the time of writing, IOTA is down by 3% with a market cap valuation of $846 million.
Resistance levels: $0.33, $0.36
Support levels: $0.28, $0.27
After the April 2 shock-wave, IOTA trading has been following a bearish sentiment. Meanwhile, the sellers have been gaining control ever since. The bearish reverse move is revealed on the 4-hours RSI. For the past seven days now, the price action has been moving between the range of $0.32 and $0.3 price levels.
While consolidating, IOTAUSD market is currently indecisive. A surge in volatility is likely to play out. Still respecting a falling channel, a bearish surge could slump price to $0.28 support level and below. On the other hand, a bullish surge is likely to meet resistance levels at $0.33 and above.
However, a significant break above the channel could set price on an upward movement. Looking at the RSI, it appeared a slow rise is converging.
As appeared on the medium-term perspective, IOTABTC value has significantly dropped; losing about twenty percent in the past three weeks of trading. Selling pressure is dramatically approaching 5400 SAT support.
Following a bearish sentiment, the cryptocurrency has remained within the range of a channel trend. On the 4-hours RSI indicator, the slope move is revealed below the 50 level after the sharp fall in early April. A cross above the 50 level could lead to a bullish move. If such a scenario occurs, the potential resistance level to look for is 6180 SAT and above.
Maintaining a trend between the ranges of the channel could further position the market in a bearish scenario. As of now, the 50 level of the RSI remains a defensive line for the bears.
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