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Iota price analysis: Market volatility shrinks down as bears take full control

FX Street
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  • The SMA 20 curve acts as immediate market resistance.
  • The Elliott Oscillator has had six straight green sessions.

IOT/USD daily chart

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IOT/USD is on the verge of charting two bearish days in a row. This Monday, the price dropped from $0.2074 to $0.2036. IOT/USD has fallen further to $0.2028 this Tuesday. The 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves are floating above the market, with SMA 20 acting as immediate market resistance. The 20-day Bollinger Band has narrowed, hinting at decreasing price volatility. The Moving Average Convergence/Divergence (MACD) indicates increasing bullish momentum while the Elliot Oscillator has had six straight green sessions. The Relative Strength Index (RSI) indicator is trending around 34.55.

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