Technical Analysis for IOTUSD for 30th November 2021
IOTA Floating Higher, IOTUSDT Inside a Pennant and Above $1.30
Past Performance of IOTA
The fake out of November 25 proved to be a bull trap following the intense liquidation at last week's close.
With a clearly defined bear bar marked with distinctively high trading volumes of November 26, it seems like the uptrend is limited.
How quickly IOTA bulls will snap back and align to the primary trend depends on the rapidity of the upswing, building on gains of November 29.
As it is, the main resistance line is at October 2021 highs at around $1.5.
What to Expect of IOTA
Fundamentally, IOTA is firm.
The project now supports the feeless deployment of smart contracts and plans to switch off the coordinator.
The optimism in IOTA is reflected by the inability of sellers to confirm November 26's losses.
Still, as long as IOTAUSDT prices trend below $1.5 in a bear breakout below the support trend line of the bull flag, sellers appear to be in control.
Ideally, going forward, a clear uptrend will be defined once there is a complete reversal of November 26 and IOTA bulls break above $1.5 with preferably high trading volumes.
This would swing back price action in favor of IOTA bulls, assuaging fears that the IOTA price is stretched and ripe for a pullback.
IOTA Technical Analysis
Losses of November 18 and 26 have been rebuffed by a wave of strong buying pressure as per the IOTUSDT price action.
Even so, while IOTA bulls are upbeat, risk-averse traders may wait for a close above $1.5, confirming bulls of November 25 before doubling down.
On the other hand, if sellers take charge as prices dump from November 29 highs to below the primary support trend line at around $1.3, IOTA prices may slip back to September 2021 lows of about $1.
Resistance level to watch: $1.50
Support level to watch: $1.30
Disclaimer: Opinions expressed are not investment advice. Do your research.
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