IOTA Price Analysis: IOT/USD about to chart Golden Cross
- SMA 50 and SMA 20 are about to crossover with the SMA 200 curve.
- IOT/USD went down from $0.415 to $0.414.
IOT/USD went up from $0.415 to $0.414 this Friday. On Thursday, bulls took the price up to $0.44, however, the bears then entered the market and plummeted IOT/USD down to $0.405. IOT/USD finished at $0.415. During the early hours of Friday, IOT/USD went up to $0.423 before the bears took the price down to $0.414.
IOT/USD Daily Chart
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- The widening of the jaw of the 20-day Bollinger band indicates increasing market volatility.
- The four latest sessions are all above the upper curve of the Bollinger band.
- The SMA 50 is about to crossover with the SMA 200 curve to chart the Golden Cross pattern, which is a bullish sign.
- The SMA 20 curve is also going to crossover with the SMA 50 and SMA 200 curves, which is another bullish sign.
- The signal line is diverging away from the MACD line, indicating higher bullish momentum.
- The Elliot Wave Oscillator has had seven consecutive bullish sessions.
- The relative strength index (RSI) indicator is creeping at the edge of the overbought zone.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
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