MIOTA Trading: A Bullish Spike Plays Out as Price Escalated to $0.38

MIOTA Trading: A Bullish Spike Plays Out as Price Escalated to $0.38
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MIOTA Price Analysis – May 15

In the last 24-hours of trading, the MIOTA market went up by 11% as the price surged to $0.38 level. While the MIOTAUSD broke out and followed a bullish move, the sellers are gaining control of the market against Bitcoin. However, the token is now trading at around $0.375.

MIOTA/USD Market

Key Levels:
Resistance levels: $0.4, $0.42
Support levels: $0.34, $0.3

After a month of decline, MIOTA broke up the upper wedge and followed a bullish surge, reaching the $0.38 resistance level. The market is supported by $0.34 and $0.3.

However, the strong break-out was a sign for a positive move in the market which may reveal clearly in future trading. The 4-hours RSI is positioned in the bulls’ territory.

MIOTAUSD-4H-Chart-May-14

On the upside, the buyers may watch out $0.4 resistance and possibly $0.42. As of now, the 4-hours Stochastic RSI lies below the 70 line; suggesting a potential drop which could slump the trading to the oversold territory.

At the moment, we may say the MIOTABTC market appeared to be in a bearish trend on a medium-term outlook.

MIOTA/BTC Market

Against Bitcoin, the price of MIOTA fell significantly after dropping from the April high. The five weeks of a bearish play has revealed on the 4-hours RSI indicator as it currently points toward the overbought area.

Meanwhile, the market has been respecting the blue descending trend lines since the crypto-asset start to plunges, now slowly moving high to test the trend.

MIOTABTC-4H-Chart-May-14

If price breaks up after touching the blue line, the likely trading level for the buyers may be located at the 5500SAT and $6000 level. A bullish continuation could quickly walk the buyers to the April drop level of 7800 SAT resistance.

Inversely, a bounce could send the token to the current low of 4000SAT support. A break- down at this support may send the price action into a bearish zone. Looking at the 4-hours Stochastic RSI, the price hovers alongside the horizon of the overbought level – a bearish sign.

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About AzeezMustaph

Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management