IOTXUSDT → The pair may rise to 0.065. Waiting for confirmation
IOTXUSDT is showing bullish momentum amid a correcting cryptocurrency market along with the flagship. The price is trying to break trend resistance. What can come out of it?On the high timeframe, the price forms a false breakout and a small correction relative to 0.04400. A retest is formed and the price returns to the resistance. On the background of pre-breakdown consolidation and another retest, the market has chances to break this line. Consolidation of the price above 0.04400 will show a bullish potential for purchases.
On H4 we see a local downtrend and the price going beyond the resistance, which is a good signal for the medium term. The next hurdle is to overcome 0.04400.
On H4, the price is trading above MA-50 and a retest of MA-200 is formed.
Support levels: MA50, 0.04110, 0.03900
Resistance levels: 0.0440, 0.04888
There is a signal for a possible growth of the cryptocurrency pair, but to confirm this signal the market needs to overcome 0.0440 and consolidate the price above this line.
Regards R. Linda!
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