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Technical Analysis for IOTUSD for 19th November 2021

IOTA Bulls Struggling, Uptrend Capped Below $1.5



IOTA has released the beta version of its EVM compatible smart contracts. These are distinguished from the rest because of their zero fees in an infinitely scalable environment.


Past Performance of IOTA

IOTA prices are bullish based on its performance in the daily chart . Inside a rising wedge , buyers appear to be pressing higher. All the same, there are hints of weakness as long as IOTUSD trade below the $1.50 liquidation line.


What to Expect of IOTA

The project's fundamentals will fuel the next leg up. In the meantime, though, fissures are beginning to form.

For example, the rejection of high prices below $1.50 and the double bar reversal pattern of November 17 and 18 may signal weakness in the short term.

For this reason, the odds of IOTA cooling down towards $1.10 and the $1 round number—below the rising wedge and the primary support line—look high.


IOTA Technical Analysis

There is a bearish engulfing pattern on November 18, with relatively low trading volumes printing at the apex of the rising wedge .

Markedly, this sell bar is below the $1.5 resistance line marking October and November 2021 peaks.

Confirming yesterday's losses could heap more pressure on buyers, forcing IOTUSD below the primary support line and wedge .

In that case, IOTA may drop off to $1.10 and later $1.10 in confirmation of the engulfing bar of November 18.

Resistance level to watch: $1.5

Support level to watch: $1.10


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

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