Technical Analysis for IOTUSD for 19th April 2022
IOTA adds 5% as Prices Spring from Q1 2022 Lows
Past Performance of IOTA
Currently, IOTA appears to be bouncing off from Q1 2022 lows. The coin is up five percent in the past 24 hours, outperforming the USDT.
Despite the pullback, sellers are technically in charge from an Effort versus Results perspective. It is because prices are within last week’s trade range.
Overall, IOTA is down 54 percent from Q1 2022 highs at spot rates. The coin may find support in the short term if prices are held above $0.62.
IOTA Technical Analysis
Even though sellers are in control--prices are within the April 11 bear candlestick and last week’s range, there appears to be a divergence from the lower BB, suggesting waning downside momentum. At the same time, the surge and change in fortunes from April 18 lows points to strength.
The shift in momentum to favor buyers on April 18 may usher in more buyers who may load on dips targeting April 11 highs of $0.70.
A close above last week’s high with rising trading volumes may see IOTA post further gains in the immediate term towards $0.82 and $0.92--key reaction points in Q1 2022. Notably, April 18 candlestick has a long lower wick indicating strong support during the NY session.
Conversely, if bears flow back and unwind recent gains, a dump below $0.62 may trigger a sell-off that may see IOTA slide to H2 2021 lows of $0.57 in a bear continuation formation.
What to Expect from IOTA
Prices found support at around Q1 2022 lows, bouncing higher. Still, traders may wait for trend definition before loading depending on the newfound trajectory.
Resistance level to watch: $0.70
Support level to watch: $0.62
Disclaimer: Opinions expressed are not investment advice. Do your research.
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