IOTA Analysis and Forecast (Oct 2nd, 2018): waiting for breakout signals with Tesla

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In the context of tedious cryptocurrency market, IOTA price is trading tightly between consolidating trend lines (the blue ones), established from August 2018

Yesterday (Oct 1), IOTA hit the short term uptrend and is heading toward resistant level at  $0.5891. This was considered as a very strong barrier when the price had fail to defeat this level several times in the past.

On price chart H4, Bollinger Bands is contracting which may indicate future breakout to higher levels. Although IOTA might not turn back to a significant downtrend when correction swing has recently recorded several green candlesticks in a row which closed about the latest red candle’s low point (marked by the green arrow). However, to confirm a solid uptrend, IOTA needs to produce some more candles running out of the Bands.

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IOTAUSD price chart H4 Oct 2, 2018

Looking at time frame H1, the relative strength index (RSI) is wandering at above 50.0 area. Therefore, IOTA will receive dynamic momentum from support level of $0.5582 to hit the descending trend line at $0.5891. At this point, IOTA has to find enough fuel to step on the gas and re-establish the peak of September (at $0.65).

On September 27, IOTA foundation held an event to introduce their new Proof of Concept. This new technology was live demonstrated on Tesla’s car which is operated under IOTA’s self driving system. People believe that IOTA’s idea will help revolutionize auto industry with higher capacity and lower cost.

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IOTAUSD price chart H1 Oct 2, 2018

Written by nami.today

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