After weeks of downtrending, IOTA seems to have found relatively solid medium-term support. Who could be its base for a future rebound… If the general situation does not worsen! To analyze.
IOTA – Weekly Chart: Get bullish signals in the medium term
For a year now, prices have continued to move back towards ever lower lows.
Finally, this statement is no longer valid as a support managed to stop the infernal fall. This media, identified by Weekly SSB at $0.25, allows you to blow. The situation in recent months still persists under pressure as no signs of a technical rebound have been given.
In fact, it would be necessary to break upwards Weekly Tenkan to begin to see a hint of rebound. Then break that resistance $0.31. At the moment it is not on the agenda with prices, which lacks the power and volume to build this type of turnaround. We should start by finding one more stable global situation to release this pressure on buyers.
The indicator ROI shows no change and remains in its sell zone. Note the positive divergence in favor of medium-term support. And which shows that this is actually blocking sellers.
Note that if the support mentioned above breaks, it will be necessary tobuy $0.22 as the next respite zone…
IOTA – Daily Chart: Still Under the Cloud!
While an attempt at a comeback had been initiated this summer, prices reversed sharply to finally return to square one, i.e. the medium-term support mentioned abovet.
Ichimoku shows that the situation is not very attractive for buyerswith candles, there get hung up on the daily Tenkan and which did not manage to pass this fine cloud, built at the end of September.
The indicator MACD also remains negative, with moving averages converging downward again.
A first sign of a rebound will therefore be given by a return above this daily cloud. This signal must be confirmed by the daily Lagging Span, which will also emerge from the top of the cloudto be sure of its correctness.
From a fundamental point of view, this increase will take place after clear announcements from central banks and confirmation that inflation is starting to be brought under control, which is far from the case at the time of writing. Indeed, there are many macroeconomic numbers and they still show no real sign of positive development. Which also shows that the Federal Reserve is not ready to reduce its strike force.
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