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.
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.
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.
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.
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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