IOTA Price Analysis: The MIOTA Coin Back To The Neckline Of Its Cup And Handle Pattern

  • MIOTA coin shows the 20 and 100-day EMAs has given a bullish crossover
  • The MIOTA/BTC pair was trading at 0.00002323 BTC with a gain of 1.34%
  • The 24hr trading volume for the MIOTA coin is $113.1 Million

With the formation of a Cup and Handle pattern in the daily frame, the MIOTA coin offers a great long opportunity for Crypto Investors. On 19 August, the price formed a morning star candle pattern and took support from $0.95, and now it has completed the handle portion of the pattern, bringing it to the doorstep of the $1.8 neckline of this bullish pattern.

As the MIOTA coin’s price is higher than critical EMA’s 20, 100, and 200, the EMA’s indicate a bullish trend in the coin. Moreover, the chart also shows a bullish crossover of the 20 and 100 EMAs, bringing more buyers to the coin market.

The RSI (BULLISH) current value is 65, indicating a bullish sentiment in the MIOTA coin. However, the RSI displays some bearish divergence with the price action, indicating weakness in the bullish momentum.

MIOTA Coin Crypto Chart In The 4hr Time Frame

The MIOTA coin price is wavering just below the $1.2 resistance level forming a rising three methods candle pattern, which could help the price to break out from this overhead resistance. 

However, MIOTA traders can also use the traditional pivot level(P) for any reversal confirmation if this bullish candlestick pattern fails.

The moving average convergence/divergence indicator (BULLISH) shows both the MACD signal lines are moving higher than above the neutral zone (0.00), indicating bullish momentum.

Conclusion:  The technical view of the MIOTA coin suggests a bullish outlook. The indicator and price action are both positive, indicating a good scenario for trend traders who are looking for long opportunities in the Crypto market.

As mentioned earlier, the MIOTA price is back to the neckline of a Cup and Handle pattern, and traders can capture a strong-directional move in this coin if the price breaks out from this neckline, providing them the closest target at the $1.47 mark.

Support: $0.35

Resistance: $0.4, $.46

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