IOTA Technical Analysis: Will The Trapped Trend Surpass 50-day EMA?

The IOTA coin price shows a range-bound movement between $0.70 and $0.80, resulting in the potential double bottom pattern. Key technical points: The 50-day EMA trends lower to prevent the bullish breakout. The Stochastic RSI shows an early bullish reversal. The 24-hour trading volume in the IOTA Token is $56 Million, marking a 105% rise. Past Performance of IOTA The IOTA coin price rallied from the $0.70 support level, forming a potential double bottom pattern. The bullish anticipation of reaching the $0.80 can lead to a bullish breakout if buyers surpass the 50-day EMA. A reversal will result in a further continuation of the range-bound movement. Source-Tradingview IOTA Technical Analysis IOTA coin price will light a buying signal with the breakout of $0.80 maximum resistance of the accumulation range. The uptrend may reach the $1 mark if buyers hold the trend and maintain the pressure. The recent death cross results in a falling trend of the 50-day EMA as it gets closer to the range’s resistance, increasing the chances of a fakeout. RSI Indicator: The RSI slope and the 14-day SMA continue the uptrend at the halfway mark. Moreover, the RSI slope shows a bullish divergence in the bullish pattern. Therefore, the 50% mark breakout will increase the bullish edge. Stochastic RSI Indicator: The K and D lines show an early reversal from the halfway mark resulting in a bullish crossover. Therefore, the rising strings increase the ch...