Iota price analysis: Market volatility shrinks down as bears take full control
- The SMA 20 curve acts as immediate market resistance.
- The Elliott Oscillator has had six straight green sessions.
IOT/USD daily chart
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IOT/USD is on the verge of charting two bearish days in a row. This Monday, the price dropped from $0.2074 to $0.2036. IOT/USD has fallen further to $0.2028 this Tuesday. The 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves are floating above the market, with SMA 20 acting as immediate market resistance. The 20-day Bollinger Band has narrowed, hinting at decreasing price volatility. The Moving Average Convergence/Divergence (MACD) indicates increasing bullish momentum while the Elliot Oscillator has had six straight green sessions. The Relative Strength Index (RSI) indicator is trending around 34.55.
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.
