IOTA Price: $0.43 Key IOTA Resistance Levels: $0.5, $0.55 Key IOTA Support Levels: $0.37, $0.3

*Price at the time of writing

IOTA Price Long-term Trend: Bullish

After dropping to the $0.25 support in February, IOTA carved an ascending broadening wedge formation as the price bars remained within the wedge boundaries ever since. Today, the market opened above the wedge and attempted to break away, which was rejected after testing the $0.47 level.

Buy/Sell IOTA (IOTA)

How to buy IOTA (IOTA) on Binance

Nevertheless, the important $0.40 resistance has been slightly breached. Meanwhile, the breach is not significant enough to confirm a breakout. Will it sustain or bounce down? The next few hours of trading will determine the actual direction.

If the market successfully breaks upwards, the bulls could propel IOTA to the closest resistance at $0.5 and potentially the $0.55 level. When that occurs, we should expect the daily RSI indicator in the overbought area. In fact, the indicator is currently revealed above the 70 level for the first time in the last 10 months, indicating the recent price surge.

At the upper trend line, a bounce could drop IOTA price to the bottom of $0.37 and $0.3 supports, resuming the trade in the wedge formation. Additionally, the daily Stochastic RSI is reflected overbought. This suggests that buyers are exhausted; we can expect a drop at any moment from now.

IOTA /USD Medium-term Trend: Bullish

From a medium-term perspective, we can see the solid price break on the symmetrical wedge as IOTA price hit $0.46, where a resistance level was established. The positive move was revealed on the 4-hour RSI, ready to fall from the overbought territory.

As of now, the market is already dropping. The sellers are likely to locate support around the $0.38 and possibly the $0.34 level before the buyers resume momentum. A bullish continuation could meet resistance at the previous level of $0.46. A further rally could post a fresh price at around $0.5.

Looking at the 4-hour stochastic RSI, IOTA has been hovering above the 50 level for the past five days due to the buying momentum which now appears to have ceased. A significant drop may pull the market below the 50 level which has acted as a support on the indicator. At the moment, the IOTA market is following a bullish momentum.

IOTA Price Short-term Trend: Bullish

Following the short-term perspective, IOTA appears to be trending upward after reversing the trend from the low of $0.27 on May 10. The bigger picture was clearly revealed on the hourly RSI, which has been floating above the 50 level for the past five days.

After topping at $0.46, the market has retraced to the bottom of the blue ascending trend line. The drop was also checked on the 50 level of the important RSI.

If the price slumps below the trend line, the next bearish move could find support around the $0.38, $0.35 and $0.32 levels in a subsequent move. This scenario may significantly drop the RSI to the oversold level. However, the hourly Stochastic RSI is revealed in the oversold area.

The next buying pressure could retest the $0.46 resistance level and above. With the current market outlook, the buyers are gaining control of the market.