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Technical Analysis for IOTUSD for 3rd November 2021

IOTA in a Rising Wedge, Buyers Target H2 2021 Highs at $2

IOTA supports smart contracts—a critical milestone that may permanently change the machine economy.

Past Performance of IOTA

There might be bear attempts after a solid close of October. 

However, the uptrend remains clear, and buyers are firmly in control. 

Week-to-date, IOTA bulls outperform the greenback, indicators of strength.

What to Expect of IOTA

As per the IOTA/USD candlestick arrangement in the daily chart, prices are within a rising wedge. 

The immediate support is the multi-week trend line and $1.15—flashing with October 27 lows. 

On the upper hand, resistance is at October 2021 highs of around $1.55. 

A close in either direction would define the IOTA/USD short-to-medium term trend.

IOTA Technical Analysis

There are a series of higher lows in the daily chart, but IOTA buyers appear to be in the driving seat. 

Until otherwise, the best strategy for risk-on traders is to wait for trend definition. 

A close above $1.55 may propel IOTA prices to H2 2021 highs of $2 in a buy trend continuation. 

However, IOTA prices may take a turn for the worst should there be a confirmation of late October losses below $1.15. In that case, IOTA could drop to $0.95.

Resistance level to watch: $1.55

Support level to watch: $1.15

Disclaimer: Opinions expressed are not investment advice. Do your research.

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