Technical Analysis for IOTUSD for 3rd June 2022
IOTA Breaking From a Bear Flag, Bulls Targeting $0.39
Past Performance of IOTA
There are signals of strength for IOTA in the daily chart. At spot rates, the coin is up eight percent versus the USDT. This is positive for optimistic buyers following the correction on June 1. Further gains reversing losses of mid this week would complete a bullish breakout above the multi-week resistance line marked by the Middle BB.
IOTA Technical Analysis
Technically, IOTA prices are solid, and bulls are confident. The immediate support line is at $0.33, while a close above $0.36 and the middle BB may initiate more accumulation in the short term. Ideally, the immediate target for optimistic IOTA buyers stands at $0.39 or May 9 highs. However, if there are gains above $0.36, traders may begin loading, expecting more gains above the current bear flag. On the flip side, deeper losses below $0.33 may force IOTA to $0.30—or lower.
What to Expect from IOTA
Despite the optimism, IOTA prices are consolidating. IOTA bulls are resilient and prices are trending at this week’s highs. Further gains above the bear flag may be the basis for another leg up in a recovery.
Resistance level to watch: $0.36
Support level to watch: $0.33
Disclaimer: Opinions expressed are not investment advice. Do your research.
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