Technical Analysis for IOTUSD for 3rd November 2021
IOTA in a Rising Wedge, Buyers Target H2 2021 Highs at $2
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.